The move is aimed at charting forward once Pakistan is placed on the grey list by the global watchdog in June.
Pakistan is under tremendous pressure to submit an action plan with proposed measures for combating money laundering and terror financing to the Paris-based Financial Action Task Force (FATF). The move is aimed at charting forward once Pakistan is placed on the grey list by the global watchdog in June.
A compliance report has been submitted by Islamabad to the Asia-Pacific Group (APG) — a sub-group within FATF — detailing the steps taken thus far and those that will be taken in the future to bring Pakistan's financial, regulatory and legal landscape into compliance with the watchdog's requirements.
Leading Pakistani daily Dawn, reported that the Foreign Office had convened a meeting on Friday to review the proposed actions which are to be discussed with APG joint working group in Bangkok next week. This was the last in a series of meetings taking place within the government as officials race to meet the June deadline by when Pakistan will be placed on the FATF grey list.
The FAFT wants an action plan to include capacity building of law enforcing agencies to pursue cases. It also wants increased enforcement against all proscribed organisations and individuals including all those organisations operating under new names, vigilance of non-profit organisations, and enhancing capacity of the law enforcing agencies.
A senior official in the Paskitan Finance Ministry told Dawn that a delegation from Pakistan would depart within the next few days for consultations with the APG's Joint Working Group in Bangkok. That meeting will discuss the steps proposed by Pakistan to be taken after June to exit the grey list.
The report has been drawn up by the Financial Monitoring Unit, a department housed in the State Bank of Pakistan, according to sources with knowledge of the matter.
The senior official confirmed to Dawn that the placement of Pakistan on the grey list was set to commence in June. He said the action plan drawn up by the government would set conditions for Pakistan to meet in a period of one year.
None of those working on the matter and contacted by Dawn were willing to discuss the details of the action plan. "Whatever conditions are being finalised, we will implement it administratively," one source said.
For Grey list
- The Pakistan action plan is to be submitted to Paris-based Financial Action Task Force.
- The move aims at charting forward once Pakistan is placed on grey list by the global watchdog in June
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