ISLAMABAD - Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh Friday reviewed the current status of Anti Money Laundering (AML) regime, pace of progress, implementation of various reforms under the law and capacity building of law enforcement agencies charged with the responsibility to administer anti-money laundering law.

The meeting noted that significant progress has been achieved over the last four years in establishing AML regime based on international best practices. The committee also noted that there has been due recognition of efforts by Pakistan at various international forums, however, it was noted that more to be done to fill the gaps that still exist.

It was also noted that despite number of anti-terrorist cases, the prominence required to build AML aspects in such cases required further strengthening. There is a need to increase capacity of law enforcement agencies to devote due attention to incidents of terrorism.

The council urged the Financial Management Unit of Ministry of Finance to urgently take steps to fill some of the gaps that are found in the existing regime and seek assistance to enhance the capacity of law enforcement agencies in the implementation of AML regime.

Federal Law Minister, Foreign Minister, Secretary Finance, Governor State Bank, Chairman Securities and Exchange Commission of Pakistan and many other high officials of the concerned departments were also present in the meeting.

Previously another meeting chaired by the Finance Minister, deliberated on issuance of 3-G Licences and different aspects of 3-G spectrum auction.