Secretary Finance Arif Ahmed Khan has said that the government needs to implement recommendations made by Financial Action Task Force (FATF); otherwise, the country can face international sanctions.
Talking to media persons here on Tuesday after attending a subcommittee meeting of the Public Accounts Committee (PAC), he warned that implementing FATF recommendations is a serious issue and in case Pakistan fails in this regard, global economic sanctions may be imposed on the country.
Arif Khan said that Pakistan has to take further strict measures against banned outfits as per the FATF's recommendations to avert economic sanctions. "We have to proceed against the banned outfits in the light of FATF's recommendations," he added.
Earlier in the meeting of subcommittee of PAC which was held under the chairmanship of Noor Alam Khan, the audit officials informed the committee that the Finance Division did not lay supplementary grant of Rs 105 million before the Parliament.
The committee took notice of false statement of the Finance Division which has shown surrendered amount of Rs 5 million as saving, saying that the officials by taking such steps cannot protect themselves.
The committee was examining the audit paras of the Finance Ministry for the financial year 2016-17. The office of the auditor general briefed the committee on 16 supplementary grants of the Finance Division.
The committee expressed displeasure over the anomalies in financial accounts of the public sector institutions. The secretary finance said that he has been witnessing such deficiencies for over two decades.
Syed Naveed Qamar, a PAC member expressed hope that such mistakes would not be repeated in the next fiscal year. The committee snubbed Federal Investigating Agency (FIA) and other officials for attending the meeting without preparedness and asked them to come prepared in the meeting; otherwise, stern action as per law would be taken against them.
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