Experts for raising awareness on FATF commitments

Speakers at a daylong conference here Thursday underlined the importance of launching a comprehensive awareness campaign to educate people about country’s commitments to Financial Action Task Force (FATF).

The Conference titled “Addressing Pakistan’s FATF Commitments: Impacts and Implications for Civil Society” was organized by National Commission for Human Rights (NCHR) with an aim to understand the interconnection of international counter terror/anti-money laundering obligations, particularly those under FATF and operation space for grass-roots, social and economic development.

Speaking at the inaugural session of the conference on “the FATF Regulations with Space for Special and Economic Development”, Chief Justice (R) Ali Nawaz Chowhan, Chairman NCHR said that the people must know what was happening around them.

He said it was necessary to inform them about fulfilling the country’s commitments on anti-money laundering and counter terror financing and implications and risks in case of failure.

He was of the view that Pakistan was good at promulgating laws but there was room for improvement at implementation stage. Well functional institutions and capable judiciary system would help implementation process.

Executive Director Pakistan Institute of Parliamentary Studies (PIPS), Zafarullah Ullah Khan spoke on “Decision on FATF at the National level: a Strong Role for Pakistan’s Parliamentarians.”

He informed the audience that the parliament was not ignoring this issue and had been discussing this, citing an example of Wednesday’s call attention notice at Senate of Pakistan asking for information on implications of the FATF.

He however was of the view that parliament’s responsibility was to make laws and it was executive to implement those. He said that a post law scrutiny committee was looking into implementation of laws to check which laws were not being implemented.

He was of the view that Pakistan was bearing callousness of cold war as infrastructure of that time was still haunting it. He said that all the banned organizations of this time were created by those who are on other side now.

He extended cooperation of his organization for bringing all the institutes together to have develop comprehensive strategy on the matter.

He also underlined the need for facilitating and promoting formal transactions through banks to ensure inward and outward money flow thorough legal channels.

He said that there was situation like spiral of silence as nobody was talking about such issues.

Speaking on the occasion, Country Director World Bank (EB), Patchamuthu Illangovan stressed the need for modernizing the banking sector for robust financial sector.

He was of the view that there were just 15% bank accounts which have been targeted to jump to 50% by 2020 while only 6% of SMEs were approaching banking system, which has been targeted to grow to 18 % percent by 2020.

He said that at a time when country was aiming at creating jobs, robust financial sector was imperative and for this purpose, the banking system must use advanced technology and switch to digital solutions and cashless and e-valet modes.

He said Pakistan requires 8% growth, which would require free and smooth financial flows.

He said that the youth of the country should be educated about the FATF implication so that they may contribute positively for the country’s development.

(APP)