Pakistan team briefs FATF on measures taken for curbing money laundering

The delegation of Pakistan briefed the Financial Action Task Force & # 39; s Asia Pacific Group (FATF), formulating and implementing strict laws to curb money laundering.

The delegation, led by the governor of Pakistan's state-owned bank Reza Baqir, briefed the Asia-Pacific Group (FATF's regional subsidiary) on 16 recommendations.

International money laundering watchdogs have been informed about Pakistan's laws, including fines and penalties for preventing money laundering.

Members have been told that all travelers in Pakistan are prohibited from carrying more than $ 10,000 under the new rules, and that the permit of the Pakistan Government Bank (SBP) was mandatory while transferring more than $ 10,000.

The Asia-Pacific group, currently underway in Canberra, Australia, is evaluating the possibility of withdrawing from Pakistan's FATF gray list by mid-October.

In addition, the Agency is reviewing Pakistan's progress on system upgrades in all areas of financial and insurance services and sectors.

The delegation submitted a 26-page report to the intergovernmental body on actions taken to prevent money laundering, terrorist financing and other recommendations.

The report was co-authored by a total of five institutions and required execution analysis on 16 goals.

The delegation consists of representatives of the National Counter Terrorism Authority (NACTA), the Federal Revenue Board (FBR), the Pakistan Securities and Exchange Commission (SECP), the Federal Investigation Agency (FIA), and the Financial Monitoring Unit (FMU).

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Source Link : https://nation.com.pk/21-Aug-2019/fatf-evaluates-pakistans-measures-in-curbing-money-laundering

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