NEC reviews preparations for upcoming visit of FATF, APG

Mohammad Arshad


The National Executive Committee (NEC) has reviewed preparations for the Asia/Pacific Group of Financial Action Task Force (APG) and other assessors’ forthcoming visit to Pakistan from by second week of August 2018.
NEC is high level body established to oversee both policy and implementation matters of the Anti-Money Laundering and Counter Financing of Terrorism regime. NEC also reviewed the preparations for the 2nd meeting of the Asia-Pacific joint group and Pakistan scheduled to be held in mid-September 2018 which will examine progress in different areas of the FATF Action Plan.
The meeting, among others, was attended by Minister Interior and Minister of Law, Governor State Bank of Pakistan, Secretary Foreign Affairs and senior officials of FMU, NACTA, FIA, FBR, SECP and other departments and institutions concerned.
The meeting took stock of the progress made to strengthen the institutional framework and coordination for the implementation of the FATF Action Plan. APG and the assessors will meet various AML/CFT stakeholders to discuss Technical compliance (TCQ) report and additionally the Effectiveness report submitted by Pakistan and ML/TF risks in Pakistan.
NEC met here with Finance Minister, Dr. Shamshad Akhtar and observed that visit would serve as an opportunity to develop understanding among domestic authorities on the mutual evaluation procedures and assessment methodology.
Finance Minister underscored need for further expediting background work to ensure compliance with stipulated milestones and undertake coordinated work on mutual evaluation.
Pakistan is committed to take all possible steps in compliance of the FATF Action Plan and ensure effective institutional coordination and swift action to curb the menace of terror financing and money laundering. The active participation of all agencies was visible and will pave the future course of action.
NEC decided to take steps to be taken to strengthen the Federal-Provincial Coordination to ensure effective coordination among the law enforcing agencies and the concerned provincial departments.
NEC also decided the formation of a review group to finalize the critical components of the national risk assessment, launch work on the mutual evaluation by APG soon and strengthen FMU to ensure it is able to coordinate overall AML/CFT work and offer the required advisory support to all agencies. Most principal agencies reported having set up focal points and dedicated units to pursue effective implementation.
Senior officials from various departments concerned briefed the meeting on progress regarding their respective spheres of work and there was an agreement that all agencies will coordinate to fast track work on FATF Policy Action Plan to ensure effective compliance with the action plan.
In line with its mandate, the Financial Monitoring Unit (FMU) will coordinate the review and prepare a consolidated progress report for final submission to the Asia-Pacific Joint Group by middle of August 2018.

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