Pakistani delegation has briefed the Financial Action Task Force’s (FATF) Asia Pacific Group that the country has formulated and implemented strict laws to curb money laundering.

The delegation, headed by Governor of the State Bank of Pakistan Reza Baqir, has briefed the Asia Pacific Group – the regional affiliate of the FATF – on 16 recommendations.

The international money-laundering watchdog was informed about Pakistan’s legislation, including imposition of heavy fines and sentences for convicts in combating money laundering.

The members were told that all travellers within Pakistan have been forbidden from carrying more than $10,000 under the new rules, and permission from the State Bank of Pakistan (SBP) has been enforced as mandatory while transferring $10,000 or above.

Currently conducting in Canberra, Australia, the Asia-Pacific Group is evaluating Pakistan’s possible exit from the grey list of the FATF by the mid of October.

Besides, the body is also examining Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors.

The delegation had presented its 26-page report before the intergovernmental organisation regarding the measures which have been taken to prevent money laundering, terror financing and other recommendations.

The report was collectively prepared by five institutions and implementation on sixteen objectives were to be analysed.

The delegation comprises representatives of the National Counter Terrorism Authority (NACTA), the Federal Board of Revenue (FBR), the Securities and Exchange Commission of Pakistan (SECP), the Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU).