The Pakistani delegation, which will present the compliance report to the Financial Action Task Force (FATF), arrived in Paris on Sunday to attend a round of financial regulator meetings.
The Minister of Economic Affairs Division, Hammad Azhar, who heads the delegation, will present Pakistan's compliance report detailing the measures taken by the government to curb terrorist financing and money laundering, in accordance with the FATF guidelines .
According to Pak radio, the agency will review the "progress" made by Pakistan until April of this year, during FATF Week, which began on October 13 and will end on October 16. Together with Pakistan, the agency will also review the progress made by Iran and other countries "that pose a risk to the financial system." A press release will be issued on October 18.
Pakistan is seeking to leave the "gray list" of the FATF, which was placed last year after the agency decided that the country had not taken enough measures to curb money laundering and terrorist financing.
FATF Week will focus on "disrupting financial flows related to crime and terrorism and analyzing ways to contribute to global security and protection." Representatives from 205 countries will attend the round of meetings, as well as from jurisdictions around the world, including the International Monetary Fund, the United Nations, the World Bank and other organizations.
The Asia-Pacific Group (APG) on money laundering published its mutual evaluation report on October 2, which analyzed the measures that were applied in Pakistan during the on-site visit in October 2018. The APG is an agency regional FATF, which requires its members must undergo a mutual evaluation of the frameworks against money laundering and the fight against terrorist financing.
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"According to the APG report, of the 40 recommendations given to Pakistan, the country has demonstrated compliance in one (area), the Law on the Secrecy of Financial Institutions, and has shown noncompliance in four areas," said brokerage firm Topline Securities in your report.
"However, Pakistan partially complies with 26 and largely complies with nine recommendations," he added. He mentioned that Pakistan has shown decent progress since October 2018.
The National Assembly recently passed a bill to amend the Currency Exchange Regulations (FERA 1947) in order to rationalize the currency exchange movement and prescribe stricter penalties for money laundering. The government also launched an offensive against banned terrorist teams.
Source: https://www.dawn.com/news/1510804/pakistan-delegation-arrives-in-paris-to-present-compliance-report-to-fatf