Hafeez urges adherence to FATF-related deadlines

Finance minister praises NEC efforts for implementing global watchdog’s Action Plan

ISLAMABAD:

Finance Minister Dr Abdul Hafeez Shaikh on Monday stressed the need for strict adherence to timelines for the successful culmination of the Action Plan proposed by the Financial Action Task Force (FATF) for Pakistan.

Shaikh chaired the 17th meeting of the National Executive Committee (NEC) on Anti-Money Laundering. He lauded the NEC efforts for achieving major milestones with reference to 27-point FATF Action Plan.

“The unity of purpose, team work and meticulous coordination among various ministries and departments concerned have brought Pakistan closer to achieving the target of completing FATF Action Plan despite enormous challenges,” he said.

While acknowledging the robust progress demonstrated by the relevant ministries and departments, Shaikh called for expediting efforts for fulfilling requirements in a few remaining areas. “Strict adherence to timelines would culminate into successful completion of the FATF Plan,” he added.

During the meeting, the director general of the Financial Monitoring Unit (FMU) gave a briefing on the overall progress achieved on the FATF Action Plan and outlined the ongoing efforts for achieving the remaining targets in due course.

The meeting was attended by Industries Minister Hammad Azhar, besides senior officials of the law and the finance ministries, National Accountability Bureau (NAB), State Bank of Pakistan (SBP), Federal Investigation Agency (FIA) and other departments concerned.

Shaikh, while acknowledging the robust progress demonstrated by the relevant ministries and departments, urged to expedite efforts for fulfilling requirements in the few remaining areas of the action plan.

Pakistan has already made progress across all FATF action plan items and has largely addressed 24 of the 27 action items.

The minister commended the great efforts made by the National Executive Committee, under the chairmanship of the Minister for Industries and Production Hammad Azhar, in achieving major milestones with reference to 27-point FATF Action Plan.

The Financial Action Task Force (FATF) on Thursday last appreciated Pakistan for the significant progress made on the entire action plan.

The plenary meetings of FATF were held virtually from February 22 to 25 during which its members discussed a range of topics relating to Pakistan's progress.

Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items," FATF stated in its plenary meeting held on February 25.