Financial Action Task Force (FATF) and Pakistan

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goals of the FATF (Financial Action Task Force)

The goals of the FATF (Financial Action Task Force) are to set benchmarks and advance powerful execution of lawful, administrative and operational measures for battling illegal tax avoidance, terrorist financing and other related dangers to the trustworthiness of the global monetary framework. The FATF is consequently a “policy making body” which attempts to create the vital political force to realize national administrative and regulatory reforms in these regions.

Starting in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and at latest in 2012 to guarantee that they stay updated and significant, and they are proposed to be of universal application.

The FATF screens the advancement of its individuals in executing vital measures, audits illegal tax avoidance and psychological oppressor financing systems and counter-measures, and advances the reception and usage of proper measures all around. In a joint effort with other worldwide partners, the FATF attempts to recognize national-level vulnerabilities with the point of shielding the universal budgetary framework from abuse.

Pakistan has been taking measures for the FATF by combating terrorism and banning terrorist organizations. However the terror financing and money laundering could not stop in Pakistan and consequently Pakistan was included in the grey list based on technical compliance rating. The Asia/Pacific Group on Money Laundering (APG) has earlier published a report that said Pakistan has complied with 36 of the 40 parameters set by the FATF. This is what led to its inclusion in grey list. The AGP has reported that Pakistan has fully complied with one parameter, largely compiled with nine parameters and partially compiled with 26 of the 40 parameters.

Pakistan delegation led by Federal Minister of Economic Affairs Hammad Azhar has headed to Paris on Sunday 13,October to attend this crucial session of Financial Action Task Force.

Additional Secretary Finance Sohail Rajput, and the representatives of National Counter Terrorism Authority (NACTA), , Federal Board of Revenue (FBR) Federal Investigation Agency (FIA)and Securities and Exchange Commission of Pakistan (SECP) are also part of the delegation that will attend the meeting on October 14 and 15.

https://www.mediablizz.com/trump-claims-to-be-extremely-good-arbitrator-between-india-pakistan-over-the-growing-tensions-whats-the-insight/

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