Pakistan’s government has agreed to take fresh steps to address the money laundering and terror-financing issues, in an effort to avoid being blacklisted by Financial Action Task Force (FATF) ahead its crucial meeting next month, officials said.
Currently placed on the Paris-based FATF’S ‘grey list’, Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials here fear could further hurt its economy.
Finance Minister Asad Umar on Tuesday chaired a high-level meeting of the National Executive Committee (NEC) on anti-money laundering, where a report titled ‘Terrorism Financing Risk Assessment’ was presented.
It was also the first comprehensive risk assessment report jointly prepared by the National Counter Terrorism Authority (Nacta) and the Federal Investigation Agency (FIA). Read More