Pakistan has received a questionnaire consisting of 150 questions from the Financial Action Task Force (FATF), seeking details of the actions it has taken regarding the ‘Action Plan’ committed with the intergovernmental organization.
The Financial Action Task Force (FATF) has asked Pakistan to apprise the anti-money laundering watchdog of the actions it has taken to comply with its ‘Action Plan’ by January 8, 2020.
Pakistan had submitted the initial progress report to the Asia Pacific Group (APG) of the FATF on Dec 3 regarding implementation of the action plan. The questionnaire has been sent in response to Pakistan’s to that report.
The FATF’s main concern is to ensure compliance by Pakistan related to implementation of anti-money laundering and counter-terrorist financing laws. The watchdog has asked Pakistan to sentence those who are associated with the banned outfits and sought copies of cases registered against the proscribed organizations.
Minister for Economic Affairs Hammad Azhar has stated that Pakistan has achieved success on issues of Financial Action Task Force (FATF). He said that the government is working on 27 points given by FATF and hopes to achieve progress after submitting final report next month. He said the members dealing with FATF have commended the steps taken by Pakistan.
Pakistan previously on December 3rd had informed the FATF about measures to prevent terror financing, and transfer of assets and jewelry to banned outfits. The report said that the government had tightened its noose around 190 people while 700 cases of money laundering were investigated.
New rules proposed for NSS investors
The government has proposed new rules to ensure ‘due diligence’ of investors parking money in national savings certificates. It has prepared an AML/CFT Rules 2019 draft for the prevention of money laundering and terrorism financing through National Savings Schemes (NSS).
It has sought recommendations from all NSS stakeholders within seven days. In case they fail to submit proposals within the stipulated time, the gazette notification would be issued without entertaining their suggestions.
The proposed rules will apply to all offices and individuals responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue.
The previous questions and the new 150 questions seem to be unsearchable on FATF’s website.