The Financial Action Task Force (FATF) will decide whether to remove Pakistan in the gray list or place
ISLAMABAD, (Pakistan Point News / Online - 22nd January, 2020) The Financial Action Task Force (FATF) will decide whether to remove Pakistan in the gray list or place.The FATF meeting, which was kicked off on Tuesday in Beijing, is reviewing 22 steps taken by Pakistan to stop money laundering, terrorist financing and ban on terrorist organizations on the recommendations of FATF committee.During the last two-day meeting, a Pakistani delegation leads by Federal Minister for Financial Affairs Division Hammad Azhar gave a detailed briefing on steps taken by Pakistan to stop money laundering and terrorist financing.
Hammad Azhar briefed the meeting about the measures taken by Pakistan in the past four months. It is pertinent to mention here that the Pakistan delegation will also brief on the recently approved Foreign Exchange Regulation Act.At last day of the meeting which is today (Thursday) the FATF meeting will decided whether to place Pakistan in the gray list or black list.FATF officials were informed during the meeting that banned has been imposed on terrorist organizations that 451 percent increased has been witnessed in reporting of cases in connection with terror financing.
The meeting was informed that the ratio of arrests in terror financing remained 677 percent and registration of cases 403 percent. It was also informed the meeting that the law enforcement departments have recovered more than 310 million in terror financing related cases.Till December 2019, 827 cases of terror financing were registered, he informed the meeting.Briefing on financial support of terrorists, Hammad Azhar informed the meeting that ban has been imposed on terrorist organizations in Pakistan. The minister also briefed the meeting about Pakistan's amendment in money laundering act as per FATF recommendations.