The FATF Asia-Pacific team that reached Islamabad on Sunday last will hold important discussion in the country till October 19. A high-level delegation from Pakistan comprising officials from the Ministry of Finance, Federal Board of Revenue, Ministry of Interior, Securities and Exchange Commission of Pakistan (SECP), Federal Investigation Agency (FIA), State Bank of Pakistan and National Accountability Bureau (NAB) is holding talks with the visiting APG team.
On the first day, Pakistan briefed the delegation regarding actions taken against the money laundering so far.
According to sources, the government has informed the visiting delegation that it is introducing amendments in the FIA Act 1974, the Foreign Exchange Regulation Act (FERA) 1947, the Customs Act 1969 and the AML Act 2010 to strengthen punitive regime against Hundi/Hawala and other illegal foreign exchange transactions. The government would soon seek approval from the Parliament to amend these laws.
The delegation was told that the government has decided to give additional powers to Federal Investigation Agency (FIA) to deal with money laundering issues. They were informed that SECP has intensified its efforts to combat terror financing and money laundering by asking all companies to comply with the Anti-Money Laundering Act, 2010. The SECP had directed all the officers of companies to endeavor to prevent fraud and money laundering, including predicated offences as provided in Anti-Money Laundering Act, 2010, with respect to affairs of a company.
Sources said that APG team would review the administrative and legal measures taken by Pakistan to stop the monetary assistance of terrorists. A report regarding measures taken by the government to curb the financial assistance of terrorists will be presented in a meeting of the FATF, scheduled to be held later this year.