FATF report: Foreign source of terror financing should also be highlighted: NEC

The National Executive Committee (NEC), which met on Tuesday to review the progress on Financial Action Task Force (FATF) Action Plan, desired the foreign source of terror financing in Pakistan should also be highlighted in the report to be submitted to the FATF, source said. The NEC meeting presided over by Finance Minister Asad Umar reviewed the progress on FATF Action Plan and approved risk assessment report on cash smuggling prepared by the custom department of Federal Board of Revenue (FBR).
A detailed presentation was made to the NEC by the National Counter Terrorism Authority (NACTA) on the Terrorist Financing Risk Assessment, prepared jointly by NACTA and FIA in consultation with a number of relevant authorities. Sources said that the meeting also observed that foreign source of terror financing in Pakistan should be examined and highlighted in the report that would be submitted to the FATF.
After detailed deliberations on various aspects of the assessment report, the NEC approved the same subject to address certain observations in respect of key policy and legislative areas and decided that NACTA will finalise the report after addressing the observations.
Financial Monitoring Unit (FMU) presented the analysis on suspicious transaction reports filed by the financial sector in the last three years and the law enforcement actions taken against money laundering and terrorism financing on the basis of such reports.
The NEC advised the authorities concerned to enhance enforcement actions and adopt a result-oriented approach. The chairman NEC advised all the departmental heads to regularly monitor timely implementation of the FATF Action Plan. The need for a coordinated effort with the provinces was also highlighted.
An official said that the meeting was held to finalise the country's compliance report on immediate outcomes (IOs) that would be submitted to the review meeting of FATF scheduled next month and satisfactory compliance will help the country's removal from grey list.
An APG group of FATA visited Pakistan from October 8-19 to review compliance of the country with its Action Plan and global obligations. The team met with official of various departments.
The mutual evaluation of Pakistan was carried out by representatives of APG on money laundering and technical experts from other countries including USA, UK, Turkey Maldives, Indonesia and China. The assessment team was led by Gordon Hook, Executive Secretary/ Head of APG.
Those who attended the meeting were minister for foreign affairs, minister for law & justice, minister of state for interior, governor State Bank of Pakistan (SBP), chairman Securities and Exchange Commission of Pakistan (SECP), director general Federal Investigation Agency (FIA), director general NACTA, director general FBR Customs, director general FMU and other senior officials of the federal and provincial governments.