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FATF's Asia-Pacific Group raises questions on Pak's efforts to curb terror financing

ANI  |  Asia 

The Asia-Pacific Group (APG), a regional affiliate of the (FATF), on Friday questioned Pakistan's seriousness to curb proscribed terror outfits and act against and terror financing.

A 10-member delegation, led by Dagha, attended the two-day meeting of the in the southern Chinese city of Guangzhou, where it defended Pakistan's efforts against and terror financing, Dawn reported.

In the meeting, the Pakistani delegation briefed the group about the country's updated actions against currency smuggling, proscribed organisations, tightening of and operational effectiveness.

According to reports from China, some participants of the meeting, particularly those from India, raised very tough questions about Pakistan's seriousness to act against proscribed organisations and the effectiveness of internal controls.

On May 3, urged the FATF to put on a blacklist of countries that fail to meet international standards in stopping financial following the listing of as a global terrorist by the

The will submit to the FATF its analysis of the compliance report submitted by at the meeting, which concluded yesterday, and the progress made since the group's on-site inspection in and in March, the report said.

The APG report will become the basis for the FATF to decide whether to exclude from its greylist or not.

In the report, Pakistan cited arrests of key operatives of some proscribed outfits, putting more such groups and their affiliates in the list of banned outfits, blocking their accounts and financial flows, and taking control of their assets.

The Pakistani delegation also said that the country was very close to accomplishing the milestones under the FATF action plan well before the September deadline.

It also said the government recently revised its national risk assessment of the corporate sector, strengthened customs procedures on borders and inland movement of funds and assets.

In March, bowing down to international pressure, Pakistan launched a major crackdown on Jaish-e-Mohammad, Jamat-ud-Dawa, and other banned outfits and took control of their assets throughout the country.

Besides, internal control of the and non-financial institutions, companies and stock exchanges has been strengthened to curb the possibility of and terror financing.

The delegation also reported the creation of a specialised directorate of (CBCM) in to maintain a database of

The APG had earlier flashed contradictory situations and poor coordination among stakeholders, including law enforcement agencies, in fighting money laundering and terror financing in Pakistan.

Last month, the APG delegation had expressed serious reservations over insufficient physical actions on ground against proscribed organisations to block the flow of funds and activities.

The APG meeting also comes after the cash-strapped country secured a six billion bailout package from the to meet its balance of payment and trade deficits.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 21:14 IST
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