Pakistan has improved its ranking in 21 of the Asia Pacific Group’s (APG) Financial Action Task Force’s (FATF) 40 technical recommendations on money laundering and terrorist financing.
According to the report, APG has placed it in the ‘follow-up based on further improvement’ category for significant results in the country.
The second follow-up report on ‘Mutual Evaluation of Pakistan’ showed the country declining in one category.
The report said that Pakistan improved in 5 cases, showed “extraordinary improvement” in 15 other cases and “partially complied with the FATF directive” in one case.
In all, Pakistan has now fully complied with the 7 recommendations and has largely complied with 24 other matters.
According to the report, Pakistan is ‘partially complying’ with 7 recommendations and not complying with 40 to 2 recommendations at all.
The report said that in this regard, Pakistan has complied or is complying with 31 of FATF’s 40 recommendations.
The next review date is October 1, 2020, which means there is an opportunity to improve the rating by working further on the FATF’s recommendations.
The APG said that Pakistan was working expeditiously to implement the recommendations formulated by the APG to improve the implementation of anti-money laundering and financing counter-terrorism measures.
Pakistan submitted its third progress report in February 2021 and is yet to be reviewed.
The APG added that overall, Pakistan has identified technical compliance shortcomings in the Mutual Evaluation Report (MER) and made significant progress in rectifying them, on the basis of which it has re-rated its 22 recommendations. Closed.
The report said it was reclassified for compliance with recommendations 14, 19, 20, 21 and 27 regarding money transfer services, high-risk countries, suspicious transactions, confidentiality and confidentiality and supervisor powers.
The APG said that 15 recommendations 1, 6, 7, 8, 12, 17, 22 on risk assessment and risk mitigation strategies, financing related to terrorism and terrorist financing. , Re-rated based on compliance with 23, 24, 25, 30, 31, 32, 35 and 40.
Welcoming the good rating, FATF Task Force Chief and Energy Minister Hammad Azhar said the results also demonstrate the government’s commitment and sincerity in meeting FATF recommendations.