ISLAMABAD: The Nationwide Accountability Bureau on Thursday introduced the institution of the anti-money laundering (AML) and combatting the financing of terrorism (CFT) cell in a bid to adjust to the Financial Action Task Force (FATF) suggestions.
In keeping with a NAB press launch, the cell might be headed by DG Operations Zahir Shah and comprise Director Monitoring Zafar Iqbal, Further Director Mufti Abudl Haq, banking consultants Jahanzeb Fareed and Sohail Ahmad, and senior authorized marketing consultant Nasir Mehmood Mughal.
The cell has been tasked to coordinate with the Nationwide Monetary Motion Activity Pressure (FATF) Coordination Committee. Director-Basic of Army Operations was given the general accountability for the implementation of FATF suggestions whereas Federal Minister for Financial Affairs Hammad Azhar is accountable for coordination from the civilian aspect.
The event comes as the worldwide physique meets in Paris to resolve Pakistan’s destiny. Though information emerged that the FATF would hold Pakistan within the gray record for an additional 4 months, the official verdict is anticipated tomorrow [October 18].
The deadline for Pakistan to indicate enchancment was October 2018 and the authorities insisted that they made a number of progress throughout the previous yr.
In its last Mutual Analysis Report, the Asia Pacific Group famous that Pakistan confronted excessive dangers of cash laundering and terror financing and wanted to enhance the understanding of the dangers emanating from numerous terrorist teams working within the nation.
Revealed 10 days earlier than the FATF plenary assembly, the report didn’t affirm Pakistan’s evaluation that it confronted ‘medium’ class threat of cash laundering and terror financing. In its Nationwide Threat Evaluation report, Pakistan didn’t consider that cash laundering and terrorism financing had been high-risk class areas.