FATF to review Pakistan’s progress in June 21-25 meeting

By: News Desk      Published: 05:15 PM, 15 Jun, 2021
FATF to review Pakistan’s progress in June 21-25 meeting
Representative image.

Financial Action Task Force FATF’s international cooperation review group will meet later this month virtually to examine the implementation process at a time when Pakistan has completely or partially fulfilled all the 27 points of the action plan of the FATF, 24NewsHD TV channel reported on Tuesday.

The FATF had asked Pakistan to implement a 27-point action plan and in January this year, Pakistan had completed only one point requirement but now all points have been fulfilled. Pakistan has fully or partially implemented all 27 conditions of the FATF.

The TV channel quoting sources claimed that none of the 27 FATF conditions is incomplete now.

In January 2019, Pakistan had fully implemented only one condition and one was partially implemented while 25 conditions were incomplete.

In October 2020, Pakistan had fully complied with 21 conditions and had partially implemented the six conditions. Pakistan had fully complied with the 24 conditions of the FATF by February this year and three conditions of the FATF had been partially fulfilled.

Sources said that Pakistan has submitted a compliance/progress report to the FATF as Pakistan has taken concrete steps to curb money laundering. FATF has representatives from China, the United States of America (USA), the United Kingdom, France, and India and the virtual session will review Pakistan’s progress on the watchdog’s recommendations.

As per reports, the government has formed a 12-member National Coordination Committee on the FATF. The members of the committee include the federal finance minister and the federal secretaries of finance, foreign affairs and interior, besides the heads of all the institutions and regulators concerned with money laundering and terror financing.

Reporter Waqas Azeem