Pakistani team leaves for Bangkok for FATF talks

Final evaluation will decide whether country will stay on grey list or be blacklisted

ISLAMABAD: A 20-member team from Pakistan has left for Bangkok for a face-to-face meeting with the Financial Action Task Force (FATF) for a final evaluation of its anti-money laundering and terror-financing report. Initial talks will be held with the FATF on Sunday (today) and officially kick off from Monday.

The team is being led by Federal Minister for Economic Affairs Hammad Azhar and includes representatives of the Federal Investigation Agency, State Bank, Federal Board of Revenue, Securities and Exchange Commission of Pakistan, Anti Narcotics Force and intelligence agencies.

According to the finance ministry sources, the outcome of the talks, which would continue till September 13, would decide whether Pakistan’s name stayed on the grey list or would it be added to the black list.

Talks will also be held on the matter of including Pakistan’s name in the enhanced expedited list by the Asia-Pacific Group (APG). The name being included in the list means that Pakistan would be required to submit follow-up reports to the APG on a quarterly basis.
The sources said replies to 125 questions of the APG had also been summoned in order to take Pakistan out of the list. It is being said that cross-questioning would also be held during the talks between the two sides. The sources said Pakistan’s stance in the talks would be presented through the APG.

Pakistan would also provide answers to 10 important questions related to curbing money laundering and terrorism financing. Details of punishment handed over to those involved in terrorism financing had also been sought.

Questions would include mode of investigation, prosecution and conviction in the terrorism financing cases. The sources said Pakistan’s name would not be added to the blacklist, instead chances were ripe that its name would be withdrawn from the grey list.

They added that if the FATF decided to keep Pakistan’s name on the grey list, there would certainly be some conditions. They said the FATF would be informed that a new national risk assessment programme with the cooperation of UN Office on Drugs and Crime has been started to assess three important aspects.

Topping the list was terrorism and terrorism financing dangers. It was being determined which departments were under the threat of terrorism financing. On the second number was identifying the departments and areas which were very weak and insecure or vulnerable.

The third aspect was the consequence if the flaws and weaknesses of these weak and vulnerable areas and departments were not addressed.

The sources said the FATF would be informed about the action taken against organisations and the people involved in terrorism financing and terrorism, adding that the current statement of the interior ministry regarding action against banned groups was meant for this purpose.

They said according to the FATF recommendations 22, 23 and 28, a policy regarding monitoring of income and activities of lawyers, chartered accountants, real state dealers, gem dealers and all risk based non-financial business and professions was being prepared.

The monitoring and regulation of some of the departments had been initiated.