- Pakistan has got two action plans under the Paris-based FATF, which tackles money laundering, informed Azhar.
- The final report on FATF would be submitted in January, 2020, informed the minister.
Pakistan would successfully achieve the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG) action plan in 2020, said Minister for Economic Affairs, Hamad Azhar.
Speaking to local media, the minister said that Pakistan has got two action plans under the Paris-based FATF, which tackles money laundering. One is the ICRG action plan under FATF and then there is Asia/Pacific Group on Money Laundering (APG) action plan under FATF.
We are currently under the observation period of the APG Action Plan, said Azhar. “The ICRG action plan is currently ongoing, and Pakistan has been involved in the plan for the past 15 months. I believe that we would successfully complete the 27 points given by ICRG FATF action plan. We have made significant progress in a period of 10 months, there were 22 incomplete points in January 2019, which has been reduced to five points in October 2019,” he added.
Hammad again stressed that the government would successfully complete the ICRG Action Plan in 2020. The minster further said that FATF applauded Pakistan efforts, while adding that the final report on FATF would be submitted in January.
He said the members dealing with FATF have commended the steps taken by Pakistan.
Pakistan has until February to improve its counter-terror financing operations in line with an internationally agreed action plan, or face action against it, FATF announced in October.