Pak Delegation To Attend FATF Meeting In Paris
Pak Delegation To Attend FATF Meeting In Paris: A high-powered Pakistani delegation, headed by caretaker Finance Minister Dr. Shamshad Akhtar, left for Paris to attend the Financial Action Task Force (FATF) meeting starting from June 24.
Finance Ministry officials said that Pakistan had already fulfilled few demands of FATF. They said that the delegation will seek time to fulfil all the demands. Pakistan will brief about its action which the government passed through Finance Bill 2018 with the approval of the Parliament for taxing foreign jurisdictions and helping the country to curb money laundering under mutual assistance agreement with OECD and other bilateral countries.
The purpose of the plenary meeting is to ensure the adoption, implementation and enforcement of internationally accepted anti-money laundering and counterterrorist financing standards as set out in the #FATF Forty Recommendations and #FATF Eight Special Recommendations.
The FATF meeting is scheduled to be held at Paris by end of this month from June 24 to 29, 2018 and Islamabad is making all-out efforts to avoid further downgrading having far-reaching repercussions for the economy.
In a bid to foil this move, the newly stalled Federal Minister for Finance Dr. Shamshad Akhtar directed all authorities concerned to fill required existing gaps on administrative and legal fronts before attending this scheduled meeting.
“There are some gaps identified at recently held deliberations at Bangkok for finalizing action plan against money laundering and terror financing and different steps are underway to bridge this gap,” said the official.
Following the events of 11 September 2001, the Asia Pacific Group (APG) expanded its scope to include the countering of terrorist financing. The APG is supported by a Secretariat, which serves as the focal point for its activities. The APG became an Associate Member of the FATF in 2006.
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