Pakistan: FATF Begins Assessment of Anti-Money Laundering Steps

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Pakistan on Monday reported strengthening of its legal and institutional framework to curb terror financing and money laundering when a visiting delegation of global experts began a third ‘on-site inspection’ of its commitment with Paris-based Financial Action Task Force (FATF).

The nine-member team of the Asia/Pacific Group (APG) held question-answer sessions with three agencies – Federal Investigation Agency (FIA), Financial Monitoring Unit (FMU) and Anti-Narcotics on five of the 10-point action plan on first day of 12-day deliberations.

It was reported that draft laws have been finalised under which FIA can access individual accounts after tightening secrecy clauses. Also, punishments on account of illegal financial transactions at home and abroad are planned to be increased to a minimum of three years imprisonment and up to 10 years along with fines going up to Rs50 million each and attachment of properties for up to six months instead of 90 days.

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