Pak Finance Minister Dr Shamshad Akhtar chaired a meeting in Islamabad on to FATF

Pakistan's Finance Minister chaired a meeting in Islamabad on matters related to FATF meetings. Finance Ministry has improved institutional mechanisms for handling AML/CFT issues. Pakistan is required to submit action plan for review during meeting in Paris

The official proceedings to grey-list Pakistan by the Financial Action Task Force (FATF) will begin in Paris on Monday during the plenary meeting of the global money-laundering watchdog.

Caretaker Finance Minister Dr Shamshad Akhtar is leading the Pakistani delegation in the crucial six-day meeting in the French capital.

Ahead of her trip, the minister "chaired" a meeting in Islamabad on matters related to FATF meetings. The meeting was also attended by Foreign Minister Abdullah Hussain Haroon and National Security Adviser Lt General (retd) Nasir Khan Janjua.

Finance Ministry of Pakistan's press statement said, "Finance Minister, in her opening remarks, had expressed Pakistan's strong resolve to keep up efforts on the counter financing of terrorism. She said that the Finance Ministry has improved institutional mechanisms for handling AML/CFT issues."

Earlier in February, FATF had decided to place Pakistan back on its terrorist financing watchlist in a move that was initiated by the United States of America and backed by UK, Germany, and France.

Pakistan is under tremendous pressure to prove its compliance but given that the country goes to polls on July 25 this year, and a caretaker government is representing Pakistan in Paris; it is highly likely that Pakistan will seek more time from the international watchdog.

Pakistan is required to submit an action plan for review during the meeting that took place in Paris.

The Finance Ministry statement said that in the meeting, the minister added that the "coordination between Central Bank, Banking institutions, and Law Enforcement Agencies have also been strengthened to curb money laundering and terror financing."

On June 20, the Securities and Exchange Commission of Pakistan (SECP) issued Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018, in compliance with FATF recommendations.

The anti-money laundering and countering the financing of terrorism regulations 2018 "are fully compliant with the Financial Action Task Force (FATF) recommendations, which are mandatory to adopt for Pakistan as a member of the Asia Pacific Group on Money Laundering," SECP said in a statement.

Earlier, Pakistan was placed on the FATF grey-list between 2012-2015.