By Our Staff Correspondent
ISLAMABAD: Pakistani delegation under Secretary Finance Younus Dagha left for China on Tuesday to attend a session of the Financial Action Task Force.
In June last year, the Paris-based organisation formally included Pakistan on its “grey list” of countries with inadequate controls over curbing money laundering and terrorism financing. Pakistan has implemented 26 measures out of 29 for FATF. In the meeting Pakistan will apprise the officials about measures taken to stop financial aid to terrorists.
The action plan given to Pakistan to address its ‘strategic deficiencies’ include the following measures:
Adequately demonstrating its proper understanding of the TF risks posed by the terrorist groups above, and conducting supervision on a risk-sensitive basis. Demonstrating that remedial actions and sanctions are applied in cases of AML/CFT violations, and that these actions have an effect on AML/CFT compliance by financial institutions.
Demonstrating that competent authorities are cooperating and taking action to identify and take enforcement action against illegal money or value transfer services (MVTS).
Demonstrating that authorities are identifying cash couriers and enforcing controls on illicit movement of currency and understanding the risk of cash couriers being used for TF.
Improving inter-agency coordination including between provincial and federal authorities on combating TF risks.