Pakistan faced some 'tough questions' during the Asia-Pacific Group (APG) meeting in Guangzhou, China over efforts against terror financing and money laundering, Dawn News reported.
Finance Secretary Mohammad Younas Dagha led a 10-man delegation that represented Pakistan at the two-day APG meeting in Guangzhou, China. During the meeting, the delegation briefed APG about the country’s updated actions against currency smuggling, proscribed organizations and tightening of financial and corporate sector systems and operational effectiveness.
According to Dawn's information and sources, the APG members, especially those from India, asked tough questions over several matters from Pakistan. Pakistani representatives told the meeting that the country has arrested key members of the banned outfits, blocked their finances and took control of their assets.
Pakistan also said that it had achieved most of the targets, and was on way to achieve more targets, demanded to be met by the Financial Action Task Force (FATF). The APG meeting was told that Pakistan had put all proscribed organizations at high-risk category by freezing their assets and accounts.
The delegation also reported the creation of a specialized directorate of Cross-Border Currency Movement (CBCM) in Islamabad to maintain a database of currency seizures.
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. The APG report will decide whether the FATF places Pakistan on its grey-list or not.
Finance Secretary Mohammad Younas Dagha led a 10-man delegation that represented Pakistan at the two-day APG meeting in Guangzhou, China. During the meeting, the delegation briefed APG about the country’s updated actions against currency smuggling, proscribed organizations and tightening of financial and corporate sector systems and operational effectiveness.
According to Dawn's information and sources, the APG members, especially those from India, asked tough questions over several matters from Pakistan. Pakistani representatives told the meeting that the country has arrested key members of the banned outfits, blocked their finances and took control of their assets.
Pakistan also said that it had achieved most of the targets, and was on way to achieve more targets, demanded to be met by the Financial Action Task Force (FATF). The APG meeting was told that Pakistan had put all proscribed organizations at high-risk category by freezing their assets and accounts.
The delegation also reported the creation of a specialized directorate of Cross-Border Currency Movement (CBCM) in Islamabad to maintain a database of currency seizures.
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. The APG report will decide whether the FATF places Pakistan on its grey-list or not.