Pakistani efforts against money laundering gets acknowledged

Pakistani efforts against money laundering gets acknowledged

The Joint Group of Financial Action Task Force has recognized efforts of Pakistan to control the money laundering and terror financing. However they pointed out some loopholes as well, that need further improvement.

Pakistan had submitted a report to Asia Pacific Joint Group (APG) in China last month on the advancement on the said issue and activities against cash sneaking and operational adequacies. The JG showed mixed remarks on the report and identified requirements on local enforcing agencies to deliver as per the stated targets. The report by JG has been received and the findings have been shared with the Finance Adviser Hafeez Sheikh.

The report said that 18 out of the 27 recommended actions are incomplete and significant advancements are required for other eight prohibited outfits. With further demands to do more, Pakistani authorities argued that the report does not appreciate the due steps taken by the country, despite the fact that there were no negative remarks in the report.

While the State Bank of Pakistan (SBP) and Security and Exchange Commission of Pakistan (SECP) are preparing to respond to the queries raised by JG of FATF, local officials believe that Pakistan is likely to make its way out of the greylist if the responses are impressive.

Pakistan was included in the grey list of FATF in the mid of last year, after getting less than three votes as its friends had their own political focuses to verify in the worldwide watchdogs. Despite strong propaganda by India, UK, US, and Europe, Turkey proved to be the true friend and stood by Pakistan.

The core problem at the upcoming FATF meeting would be to handle Indian pressure, as there are a few dangers that should be taken care of appropriately by propelling overwhelming political battle to win support for Pakistan at forthcoming gathering booked to be held in the USA. Pakistan had also requested to remove India from the co-chair of the JG, but the request was rejected.

I am an accountant with over 3 years of experience in the field of Accounts and Finance. I contribute to e-Syndicate as Researcher and News Writer. I write about Finance, Business, Local Pakistani News and International Finance.