Home Business

Business

APP Digital – Business news from Pakistan and latest happenings from around the world

Mega development package to be worked out soon: Asad Umar

Mega development package to be worked out soon: Asad Umar

FATF acknowledges progress made by Pakistan on action plan items ISLAMABAD, Oct 23 (APP):The Financial Action Task Force (FATF), after reviewing Pakistan’s progress on action plan in its Plenary meeting held on Friday (October 23), acknowledged that Pakistan has made progress across all action plan items and has now “largely addressed” 21 of the 27 action items. According to a press statement issued here by the Finance Ministry, the FATF took note of the significant progress made by Pakistan on a number of action plan items. Recognizing Pakistan’s sustained and irreversible efforts on implementation of FATF Action Plan, the FATF has upgraded overall 9 Action Plan items in its October 2020 Plenary. There is no item remaining in the incomplete category, the statement said and mentioned that prior to this plenary, Pakistan had addressed 14 out of 27 items and now FATF reviewed compliance of remaining 13 Action Plan Items during current plenary. The action plan items that have been addressed by Pakistan include highly important areas of Financial Sector, illegal Hawala/Hundi, cross-border currency regime, international cooperation in terrorist financing cases, amendments to the Anti-Terrorism Act, implementation of targeted financial sanctions by financial institutions, applying sanctions for AML/CFT violations, and controlling facilities and services owned or controlled by designated persons and entities. This is indicative of the confidence of FATF on the efforts of Pakistani government, the statement added. However, in view of the 6 items in “Partially Addressed” category, the plenary meeting decided to maintain status quo with respect to classification of Pakistan, for the time being. Considerable work has already been carried-out on these six items and Pakistan should continue to make efforts to complete the remaining items in line with its strategy by February 2021, it said adding FATF would undertake the next review of Pakistan’s Progress in February 2021. The Plenary meetings of FATF were held virtually from October 18,2020 to October 23,2020, where its members discussed a variety of topics including Pakistan’s progress. The Pakistan team, led by Federal Minister of Industries and Production Muhammad Hammad Azhar, attended these virtual meetings. Pakistan presented its case in an effective manner and also reaffirmed its political commitment to continue with the efforts to complete the Action Plan.

FATF acknowledges progress made by Pakistan on action plan items

World Bank approves $304 mln to support public resource management in Punjab

World Bank approves $304 mln to support public resource management in...

World Bank approves $304 mln to support public resource management in Punjab

World Bank to support Pakistan through IDA during COVID crisis

Report of giving immunity to CPEC Authority Chairman from NAB investigation...

Mega development package to be worked out soon: Asad Umar

Asad Umar, CM KP discuss provincial projects under CPEC

Mobile phone imports increase 83.17 % in Q1

Mobile phone imports increase 83.17 % in Q1

ECC approves Technical Supplementary Grants of Rs17 bln

ECC approves Technical Supplementary Grants of Rs17 bln

State Bank of Pakistan (SBP) Governor Dr. Reza Baqir

SBP Governor inaugurates polyculture forest, museum laboratory

Cement export increases 8.27% in Q1

Cement export increases 8.27% in Q1

Load more

Latest National News

General Photos

Latest Global News

©
Do NOT follow this link or you will be banned from the site!