India fails as FATF satisfied over Pak in curbing money laundering

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Sydney

All Financial Action Task Force’s (FATF) Asia Pacific Group (APG) members – countries, jurisdictions or territories within the Asia-Pacific region committed to implementing and enforcing the global anti-money laundering and countering financing terrorism (AML/CFT) safeguards established by the FATF – have expressed their satisfaction over Pakistan’s measures and strict implementation of laws for curbing money laundering.
After adopting Pakistan’s third Mutual Evaluation Report (MER), the APG is expected to make public its assessment shortly. Sources familiar with the matter told the media on Thursday that Indian lobby’s conspiracy in the FATF’s APG for downgrading Pakistan to the blacklist has been failed as APG member countries were satisfied following examination of the analytical report.
Pakistan’s Financial Monitoring Unit also signed a Memorandum of Understanding (MoU) with the Chinese Anti Money Laundering Monitoring and Analysis Center on exchange of financial intelligence.
Yesterday, the Pakistani delegation, headed by Governor of the State Bank of Pakistan Reza Baqir, briefed the FATF’s APG that the country has formulated and implemented strict laws to curb money laundering in compliance with its 16 recommendations. The Pakistani delegation also held sideline meetings to comprehensively explain members of the Asia Pacific Group (APG) – the regional affiliate of the international money-laundering watchdog FATF – about implementation of its action plan in the country.
It was told about Pakistan’s legislation, including imposition of heavy fines and sentences for convicts in combating money laundering. The members were told that all travellers within Pakistan have been forbidden from carrying more than $10,000 under the new rules except with the permission from the State Bank of Pakistan (SBP).—Agencies