Anti-money laundering, CFT regime fully functional in Pakistan

ISLAMABAD: Minister of Finance, Muhammad Ishaq Dar on Monday said that Pakistan had now fully functional Anti Money Laundering (AML) and Counter Financing Terrorism (CFT) regime which was equipped with legal and operational capabilities to meet international obligations. “The problems of money laundering and terrorist financing are global problems and have to be tackled globally through cooperation and strict preventive measures”, finance minister said while chairing the 9th meeting of the National Executive Committee (NEC) on Anti Money Laundering here on Monday.
He said Pakistan had strengthened its domestic laws so as to prevent such crimes. He assured all stakeholders of government’s full support in their efforts to combat money laundering. Law Minister Zahid Hamid and Advisor to Prime Minister on Foreign Affairs Mr Sartaj Aziz were also present. During the meeting the Finance Minister was briefed by the Director General of Financial Monitoring Unit (FMU) on the progress of the implementation of decisions taken in the 8th meeting as well as the preparations for the upcoming meeting of the Asia Pacific Group in United States in September 2016.
He was also briefed about the progress on National Risk Assessment as well as plans for Pakistan’s Mutual Evaluation due in 2018. The meeting also reviewed in detail the working of the FMU and appreciated the work being done by it in the field of anti money laundering. The meeting was attended by Governor State Bank of Pakistan as well as senior officials of Ministry of Finance, Federal Board of Revenue, State Bank of Pakistan and Securities and Exchange Commission of Pakistan. Meanwhile, Finance Minister Senator Mohammad Ishaq Dar chaired a meeting here to review various matters of the Federal Board of Revenue (FBR). Chairman Federal Board of Revenue, Nisar Muhammad Khan briefed the Finance Minister on the progress of negotiations on the issue of input tax adjustment with the provinces.
He also apprised the Finance Minister about the bilateral Agreement on Avoidance of Double Taxation with Switzerland as well as Multilateral Convention on Mutual Administrative Assistance on Tax Matters with the 34-member international body Organization for Economic Cooperation and Development (OECD). Finance Minister appreciated the work done by Federal Board of Revenue on above matters and desired that the Federal Cabinet be briefed about both the conventions and agreements. The meeting was attended by Special Assistant to Prime Minister on Revenue Haroon Akhtar, senior officials of Ministry of Finance as well as Federal Board of Revenue. Special Correspondent