ISLAMABAD: Finance Minister Ishaq Dar on Monday held a meeting with State Bank of Pakistan (SBP) governor Ashraf Mahmood Wathra to review the performance of targets set under the International Monetary Fund (IMF) programme.

During the meeting, which was held in Karachi, performance and achievement of targets were discussed in detail in connection with the forthcoming 12th IMF Review Meeting.

Mr Wathra briefed the finance minister about various targets related to the SBP including the ‘Net International Reserves’ and ‘Net Domestic Assets’. He further updated on the role of banks in implementation of AML laws and reporting mechanism.

The role of Financial Monitoring Unit, in this regard was also discussed in detail.

Mr Dar emphasised that the SBP, Securities and Exchange Commission of Pakistan (SECP), and Federal Board of Revenue (FBR) should adhere to internationally recognised monitoring and enforcement standards and practices to apprehend malpractices in the country.

He stressed upon updating laws, if required, to eradicate undesirable practices.

He said best possible coordination among all relevant authorities should be ensured to effectively combat financing of terrorism activities.

“We must ensure compliance with FATF rules so as to maintain our position as a responsible nation in the international community,” Mr Dar added.

The meeting was attended by deputy governors of the SBP and other senior officials.

Published in Dawn, July 26th, 2016