The Federal Minister for Economic Affairs Hammad Azhar has said that Pakistan will successfully implement all the 27 recommended targets set by the Financial Action Task Force (FATF) by January 2020 to exit the grey list. The FATF is the global watchdog for money laundering and terrorist financing. Last Friday, the organisation granted Pakistan four months to fulfil its commitments to avoid being blacklisted.
The minister has also said during a news conference with the officials of the financial monitoring unit that the country intends to establish a FATF secretariat to effectively coordinate between different institutions at the federal and provincial levels. It will work under the ministry for economic affairs on the implementation measures of the FATF action plan.
He said that Pakistan will complete all the requirements of each provision in the action plan by 2020.
The country has further plans to fully regulate the jewellery sector and the programme of national savings along with Pakistan Post.
Azhar stressed that the country had made notable progress on the FATF action plan in the last 10 months. He commented on the 700 cases of financial assistance to terrorists that the country is currently investigating.
The measures undertaken by Pakistan are currently being monitored by two groups, namely, Asia Pacific Group and International Cooperation Review Group. As per the Azhar, Pakistan has already partially completed 22 points off the total 27 and the advancement has been made on 36 out of 40 conditions of Asa Pacific Group.