FATF expresses concerns over terror financing via mobile wallets

ISLAMABAD: The country has been unable to effectively regulate mobile wallet accounts as the Financial Action Task Force (FATF) has expressed concern over alleged violations of the counter-terrorism financing regime committed by the country’s financial institutions.

Transactions concerning mobile wallets are not completely regulated by the State Bank of Pakistan (SBP) because the country’s four telecom companies are regulated by the Pakistan Telecommunication Authority (PTA).

Last year, the SBP had issued directives to all financial institutions asking them to strictly implement AML-CFT controls pertaining to the determination of transactions.     

Pakistan was placed on the FATF Grey List and the country was given a 26-pint action plan to follow if it wanted to come out of the list.

from Pakistan Today