Asad Umar reiterates commitment to curb money laundering
Finance Minister Asad Umar reiterated the government’s resolve to control and eventually eliminate money laundering and terror financing in the country.
The Finance Minister met with a delegation of the Asia-Pacific Group (APG), a Financial Action Task Force-style regional body on money laundering in the federal capital, where he conveyed the government’s stance on the issue.
Laws to be made against money laundering and terror financing:
The government wants to strengthen laws against money laundering and terror financing in the country, the Minister said.
Earlier on October 9, the APG had urged Pakistan to intensify actions against the non-profit organizations suspected of giving financial aid to terrorist groups.
Technical experts of the APG had started the 3rd Mutual Evaluation process of Pakistan that will end on October 19.
Experts had begun to assess steps taken by Pakistan to meet the FATF recommendations. These experts are from:
Earlier in June, the FATF formally placed Pakistan on the grey-list due to strategic deficiencies in its anti-money laundering and terrorism financing group.
The highly decision was taken by the FATF Plenary that met in Paris from June 24 to 29.
The global body took the decision on the basis of a monitoring report of the International Cooperation Review Group (ICRG).