ISLAMABAD: A five-member delegation of Pakistan on Saturday will attend an important meeting of the Financial Action Task Force (FATF) that will conduct a preliminary review of Pakistan’s progress report of achieving 40 recommendations in its action plan for uprooting money laundering and terror financing from the country. The report carries Pakistan’s response to the FATF’s action plan, and observed that the country has shown progress in 36 out of the 40 recommendations. According to sources, the country has completed an important point of keeping the data of financial institutions confidential, and has shown significant progress on nine recommendations. Crackdown against benami asset holders has also been improved, the report outlines. It further mentions measures implemented by the government against money laundering. Pakistan has prepared a report mentioning all its economic measures taken to step out of grey list, and will submit it to the Financial Action Task Force (FATF). According to the details, Pakistan is determined to satisfy FATF officials. The FATF will review this detailed report on December 7 for its action plan for uprooting money laundering and terror financing. According to sources, Pakistan has informed the FATF about measures to prevent terror financing, and transfer of assets and jewelry to banned outfits. The report said that the government has tightened its noose around 190 people while 700 cases of money laundering were investigated against terrorists. The report read that 170 people who transferred money to terrorists were arrested and 1000 properties of banned outfits were also seized. Investigations are underway against the owners of 35 of these properties, while a probe has also been initiated on another 150 properties. The government is also taking vigorous measures against currency smuggling. The Pakistani rupee appreciated against the U.S. dollar by 5 paisa and hit Rs155.70 in the open market during early trade hours on Monday. Likewise, in the interbank market, the local currency traded at Rs155.66 per dollar. In the previous week, the rupee gained its strength by 23 paisa against the greenback in the interbank and closed at Rs155.65 on Friday. In the open market, it recovered by 25 paisa and closed at Rs155.75 with slight fluctuation in the whole week. Earlier, the World Bank Group had forecasted Pakistan’s economic growth to slow down for the next two years as it continues to face another macroeconomic crisis due to massive twin deficits and low foreign reserves. Despite significant devaluation, the WB still sees the rupee overvalued by the end of September by approximately 4.8%. In the last three months, the local currency was observed to significantly recover against the greenback in both interbank and open markets. Analysts had expressed fear that the intense ongoing trade war between the United States and China would result in fluctuation of the U.S. dollar in the local market, and the value of the Pakistani rupee would stabilise depending on the measures taken by the government with appropriate economic policies. Currency traders were of the view that the increasing inflows of remittance have supported the local rupee in the market. Until June this year, the rupee was observed to cumulatively depreciate against the greenback, which in turn, had resulted in increased prices of goods and hardships for the general public. The SBP has let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12. The IMF asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar. On the other hand, the World Bank Group has also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy. After the International Monetary Fund (IMF) lent the first tranche of $991.4 million to Pakistan, the local currency had depreciated massively. The stringent conditions – on which the global moneylender has formally approved the bailout package of $6 billion for Pakistan – seemed to have exerted more pressure on the local currency. The gradual drop in the rupee had come due to high demand for the dollar against thin supply as the country continued to make aggressive international payments to partially pay off huge foreign debt and for imports. Economists were of the view that effective measures must be implemented on the priority basis to recover the state from the balance of payment deficit. Besides increased demand of the greenback in the local market, they had termed ‘balance of payments deficit’ as the main reason in the recent hike in the value of the US dollar. Moreover, they had considered that state’s exports and investment were required to grow significantly, and the imports must be reduced to remove pressure on the local currency. According to experts, the government must ensure implementations on economic policies after the deal with the IMF.