Prime Minister of Pakistan has established a high-level National Financial Action Task Force (FATF) Coordination Committee comprising of 12 members to ensure compliance of all FATF-related tasks till December of this year.
The committee will be headed by Hammad Azhar who is Federal Minister for Economic Affairs, Division. The committee will consist of federal secretaries from finance, foreign affairs and interior divisions along with chairman of Securities and Exchange Commission of Pakistan (SECP), Governor State Bank of Pakistan (SBP), Director General of the Federal Investigation Agency (FIA), Representation from Federal Board of Revenue (FBR) and Director General of the Financial Monitoring Unit (FMU). The committee will also include three senior officials from the General Headquarters (GHQ) representing Military.
As per the notification from Prime Minister’s Office, the committee is mandated to drive the national efforts on Compliance with FATF.
Pakistan’s progress on Anti-Money Laundering and Countering Financing of Terrorism are being evaluated at three official forums including Asia Pacific Group, the United States and the Financial Action Task Force itself. The evaluation will ascertain the country’s exclusion from the FATF grey list.
As Pakistan has achieved significant progress on its Ten-point action plan on various standards, local authorities are expecting to get two further months of grace period for being fully compliant. The final review of the FATF is in mid-October.