Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Tuesday that efforts are being made for implementation of Financial Action Task Force (FATF) Action Plan to enhance effectiveness of Anti-Money Laundering (AML)/Counter Terror Financing (CFT) framework. The adviser stated this during a meeting with a US delegation, which led by Ambassador Alice G Wells, Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs, called on him.
The delegation also included the US Treasury officials including Deputy Assistant Secretary Scott Rembrandt, Grant Vickers, David Galbraith and others. Hafeez Shaikh said that the government is taking steps to complete the FATF action plan involving all relevant authorities at the federal and provincial levels, which is supported by capacity building through international partners.
The government is committed to enhancing the effectiveness of its AML/CFT framework with the objective to ensure that all the actions that are being taken to curb terror financing are irreversible and sustainable, Shaikh said while urging continued support of the international community for strengthening of the AML/CFT framework over a longer period of time.
An official on condition of anonymity said that for the first time an internal strategy document is being prepared by the concerned ministries and agencies involved in the process which would be shared with the FATF in the upcoming meeting. Pakistan is hoping that the country would be removed from grey list as significant measures have been taken to comply with the FATF recommendations or more time would be given to comply with if some of these are not fully implemented.
Shaikh also briefed the delegation on measures pertaining to economic reforms undertaken by the government to ensure economic discipline and stated that over the past three months, the government has taken measures to bring about financial discipline which included; (i) reduction in current account deficit; (ii) focus on increasing revenue generation; (iii) and measures to reduce fiscal expenditures and borrowings.
The adviser also stated that efforts have been made to enhance foreign exchange reserves through bilateral and multilateral support from International Monetary Fund (IMF) and friendly countries, besides oil facility on deferred payment from Saudi Arabia and Islamic Development Bank (IDB).
Additionally, he stated that as part of its institutional development initiative, State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) are being resourced and empowered.
Hafeez Shaikh also emphasised the importance of bilateral engagement with the US and the need to encourage entrepreneurs from private sector of both the countries which will lead to enhanced trade.
At the same time, various programmes have been introduced to support economic growth and export-oriented industries and facilitate the people below the poverty line through health insurance schemes. Alice G Wells stated that the US would continue to remain engaged with Pakistan in its efforts for economic reforms and help build an environment that facilitates business development between the two countries.
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