PARIS (our correspondent):- The Financial Action Task Force (FATF) plenary meeting will be commenced today in Paris with very heavy agenda. The six day meeting will be open today and will be concluded 18 Oct 2019.
According to the FATF, the representatives from 205 countries and jurisdictions around the world will meet for FATF Week in Paris. The IMF, UN, World Bank and other organisations will also participate in the meeting of the FATF. The meeting will focus on disrupting financial flows linked to crime and terrorism and discuss ways to contribute to global safety and security.
FATF Week will conclude with the Plenary, the first Plenary under the Chinese Presidency of Xiangmin Liu, from 16 October. Xiangmin Liu of the People’s Republic of China assumed the position of President of the FATF. on July 1 2019. He succeeded Marshall Billingslea of the United States.
The meeting will assess whether countries are regulating the virtual asset sector to prevent its misuse for crime and terror.
Discussing the potential impact of “stablecoins” on the supervision of virtual assets, how to mitigate the risks, and FATF’s briefing to G20 on this issue
The meeting will assess the Russia and Turkey’s measures to combat money laundering and terrorist financing. The meeting will also assess the actions of the Denmark, Ireland, Norway, Saudi Arabia, Singapore and Spain since their assessments.
Pakistan, Iran and other counties will present a risk to the financial system in the meeting. The FATF will look the matter related to Pakistan from 14-15 Oct. Pakistani delegation under the Federal Minister Hammad Azhar will depart today Paris to attend the meeting.
Federal Minister Hafeez Shaikh said during the press conference that national institutions are united against money laundering. He said that the country has implemented on more than 20 actions out of 27 actions suggested by the FATF.
Sources closed with the process of compliance reports of FATF, say that Pakistan has done enough work in this regard. Although, Pakistan officials don’t expect that the FATF will put the country in its white or black list. They hope that the FATF is going to give more time to Pakistan and put it grey list.
The Asia Pacific Group had released final Mutual Evaluation Report on last week. The report showed that out of FATF’s 40 recommendations on curbing money laundering and combating the financing of terrorism, Pakistan was fully compliant only on one. It was largely compliant on nine, partially compliant on 26 and non-compliant on four recommendations.
The meeting will also discussed the FATF initiative to combat financial flows from the illegal wildlife trade.
During the meeting, FATF will adopt the best practices on the beneficial ownership of legal persons, and a consultation on guidance on digital identity.
The meeting will also assess the developments in the financing of ISIL, Al-Qaeda and Affiliates.
In addition, FATF will receive reports from organisations including the IMF, World Bank, United Nations, OECD, OSCE, Egmont Group of Financial Intelligence Units, CARIN, EBRD, ECB, Europol, GIFCS, IAIS, the 9 FATF-Style Regional Bodies and others.
The FATF President will be giving a press briefing on the outcomes of the FATF Plenary on Friday 18 October.