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Asad Umar for timely completion of all FATF action plans

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ISLAMABAD- Finance Minister Asad Umar chaired a meeting on Wednesday to review progress on Financial Action Task Force (FATF) action plan, Dunya News reported.

Asad Umar directed that the internal action plans with specific timelines on implementation of Financial Action Task Force (FATF) Action Plan should be put in place immediately and shared with FMU so that all FATF Action Plan items were completed within the agreed time lines.

He was chairing a meeting with Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan to review progress made by the regulators on FATF Action Plan.

The meeting was attended by Executive Directors from SBP and SECP, DG Financial Monitoring Unit (FMU), Legal Adviser-FMU and other senior officials.

During the meeting, SBP and SECP gave a detailed presentation on the progress on actions taken by them towards implementation of FATF Action Plan.

The Finance Minister also asked them to not only complete actions due in January 2019 but also focus on actions due in May and September 2019 as they would be required to update FATF on work being done to meet those timelines.

The Finance Minister over the last three days held series of meetings with different stakeholders including provincial governments institutions concerned, LEAs, SECP, SBP, NACTA, FIA, FBR, FMU, and other institutions reviewing progress in regard to work undertaken by them on FATF action plan.

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