Observer Report
Paris
Financial Action Task Force (FATF) has examined the compliance report of Pakistan in its meeting held in Paris. FATF has expressed satisfaction overview risk assessment study of Pakistan and brotherly countries including China, Turkey and Malaysia have supported stance of Pakistan.
Sources said FATF appreciated efforts of Pakistan against terrorism and corruption. Pakistani delegation gave satisfactory answers to all questions of FATF. Pakistan also satisfied Indian members on questions about terrorism outfits working in Pakistan.
Pakistani delegation presented a report in the meeting where question answer session would continue further.
According to a mutual evaluation report issued on Oct 2 by the Asia-Pacific Group (APG) – a regional affiliate of the FATF – Pakistan, out of the 40 recommendations, has shown compliance in one, Financial Institutions Secrecy Law, and has shown noncompliance in four areas, outlined brokerage firm Topline Securities in its report. “However, Pakistan is partially compliant on 26 and largely compliant on nine recommendations,” it added. It further highlighted that Pakistan has shown appropriate progress since Oct 2018.
Pakistan, among many other measures, has effectively complied with one of another strong conditions put forward by the Asia Pacific Group (APG) – a regional affiliate of the FATF – to implement measures for curbing black money in the real estate sector.
Pakistan has undertaken a plan to establish a ‘Real Estate Regulatory Authority’ to restrict black money in the sector.
The Security and Exchange Commission of Pakistan (SECP) prepared an initial draft the establishment of the authority in accordance with the standards of the FATF.
The country will ensure that lands and properties are not transferred in the name of any terrorist organizations or banned outfit. However, matters pertaining to taxation on the real estate sector are excluded from the scope of the authority.
