Finance minister reviews FATF action plan implementation in NEC meeting

ISLAMABAD: Finance Minister Asad Umar chaired on Friday a meeting of National Executive Committee (NEC), where he reviewed progress regarding the implementation of the Financial Action Task Force’s action plan.

The NEC is high level body established to oversee both policy and implementation matters of the Anti-Money Laundering and Counter Financing of Terrorism regime, said an official press release.

The purpose of the meeting was to discuss and review progress in AML/CFT areas of the relevant stakeholders especially implementation status of FATF action plan.

According to the press release, different stakeholders briefed on progress in their respective areas of the Action Plan and other AML/CFT areas.

During discussion, the Finance Minister emphasised to put more efforts to meet adhere to international standards for the AML/CFT regime.

The Finance Minister was of the view that the Action Plan may be seen as an opportunity rather than a challenge. Asad Umar said that it will set direction for a robust AML/CFT regime in Pakistan as per international standards, according to the press release.

The federal minister said the need to work hard and achieve the desired action well before the deadline is in the interest of the country.