FATF asks Pakistan to ‘do more’ against money laundering

FATF asks Pakistan to 'do more' against money laundering
FATF. (Photo: Twitter/@FATFNews)

Islamabad The Financial Action Task Force (FATF), an inter-governmental body which combats money laundering and terror financing among other things, has demanded more action from Pakistan to put an end to money laundering and financial assistance to terrorists, the media reported on Friday.

Pakistan and FATF’s Asia Pacific delegation held talks for a week and a half in the capital, Geo News reported.

Geo cited sources as saying that in the last meeting on Friday, the FATF delegation presented an initial report on the issue to the Pakistani officials.

The group will provide Pakistan the first report before November 19 and visit Pakistan in March or April 2019.

The Asia Pacific Group will make the report related to Pakistan public in July 2019.

Currently placed on the 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 Paris-based FATF, a measure that officials here fear could further hurt its economy.

On Thursday, Finance Minister Asad Umer said that the FATF had acknowledged Pakistan’s measures to curb money laundering. He said that Pakistan was determined to adopt modern ways to stop money laundering.

Umer went on to say that the Pakistan government would continue to cooperate with the body and will take steps on the directions of the FATF.