Beijing, May 18: Pakistan faced tough questioning on its efforts against money laundering and terror financing at a meeting of the Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF) in Guangzhou, China.
Participants, especially those from India, at this week's meeting questioned Pakistan’s seriousness to act against proscribed organisations and effectiveness of internal controls. The APG will submit to the FATF its analysis of the compliance report submitted by Pakistan on the basis of its deliberations and cross-questioning at the Guangzhou meeting and the progress made since the group’s on-site inspection in Islamabad and Karachi in March.
At those on-site inspections, the APG had flashed contradictory situations and poor coordination among stakeholders, including law enforcement agencies, in fighting money laundering and terror financing, according to a Dawn report.
An APG delegation had last month expressed serious reservations over insufficient physical actions on ground against proscribed organisations to block flow of funds and activities and most of the recent activities were targeted to bridge those shortcomings.Pakistan is already on the grey list of the FATF. The APG report will become the basis for the FATF to exclude Pakistan from its grey list or otherwise. UNI