Pak interim PM reviews FATF requirements on terror financing

Pakistan's interim Prime Minister Nasir-ul-Mulk today reviewed the measures taken by the country to meet the requirement of the global watchdog Financial Action Task Force over terrorism financing.

Based in Paris, Financial Action Task Force (FATF) is the global watchdog on money laundering and terrorism financing. The FATF has placed Pakistan on the global terror financing watch-list.

Pakistan was listed as grey in 2012 but was removed in 2015 after strenuous efforts to address the concerns of the group.

Nasir chaired his first National Security Committee meeting at the Prime Minister's House.

Minister for Finance Shamshad Akhtar gave a detailed presentation to the meeting about the upcoming FATF in Paris and the administrative and legal measures taken so far to meet the global watchdog's requirements, said a statement by the PMO.

 

"While reviewing various actions taken towards fulfilling country's international responsibilities under the Financial Action Task Force (FATF) framework, the meeting expressed satisfaction over the progress made so far," it said.

Pakistan Foreign Office confirmed in February that the country would go on a 'grey-list' from June this year.

"Pakistan will be assigned to the 'grey-list' in June, once an Action Plan has been mutually negotiated," Foreign Office spokesperson Muhammad Faisal was quoted as saying by The Express Tribune.

He, however, said that it was not true that the country would be transferred from the 'grey' to 'black' list in June this year.

The National Security Committee noted that the progress should be shared with the FATF Secretariat in the upcoming meeting.

It reaffirmed the commitment of the country to work with FATF and other international organisations in achieving common goals and shared objectives.

The Prime Minister also shared with the Committee members contents of his telephonic discussion with US Vice President Mike Pence on June 7, the statement said.

The meeting reviewed overall security situation in the country, it said.

FATF was set up in 1989 with a primary aim to set standards to combat money laundering, but in 2001 its mandate was expanded to include countering terror financing.

It can take action against any country by including a country in black or grey lists.

Nasir was named as the caretaker prime minister last month until the general elections on July 25 to oversee the second-ever democratic transition of power in Pakistan ruled by the powerful army for much of its life since it gained independence 70 years ago.