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Asad Umar directs FBR, SBP to ensure timely accomplishment of FATF action plan

Asad Umar directs FBR, SBP to ensure timely accomplishment of FATF action plan

ISLAMABAD: Finance Minister Asad Umar directed the Federal Board of Revenue (FBR), State Bank of Pakistan (SBP) and all concerned departments to implement the international Anti-Money Laundering and Counter Terrorism Financing standards and take all required action to strengthen the regime.

Sources told Customs Today that the Finance Minister chaired a meeting to review progress on FATF Action Plan and APG assessment. Director General Financial Monitoring Unit (FMU) briefed the minister about the actions taken so far on both FATF Action plan and APG assessment.

The minister emphasized the need to enhance level of institutional coordination to ensure timely accomplishment of FATF action plan. He also desired appropriate and complete responses to APG’s follow-up queries.

Further it was agreed to develop an effective monitoring mechanism to ensure that all concerned stakeholders complete the assigned tasks within delegated timelines.

The minister directed that all stakeholders may be advised to develop internal actions plans which shall be monitored on a fortnightly basis. Senior officials of the Ministry of Finance, FBR and other relevant stakeholders attended the meeting.