The Asia Pacific Group on Money Laundering (APG), a regional affiliate of the Paris-based FATF, has maintained Pakistan on “advanced follow-up” standing for substantial dues necessities, whereas bettering the nation’s score to 21 out of 40 technical suggestions. But the nation’s score has improved. Global surveillance towards cash laundering and terror financing.
Pakistan was placed on the grey record by the Paris-based Financial Action Task Force (FATF) in June 2018 and the nation is struggling to return out of it.
The second follow-up report (FUR) on the Mutual Assessment of Pakistan launched by the APG additionally downgraded the nation by one criterion.
The report mentioned that Pakistan was re-evaluated as being in compliance standing in 5 instances and largely compliant on 15 others and partially compliant on one other rely.
Overall, Pakistan is now absolutely “complied with seven recommendations and extensively with 24 others”, Dawn newspaper reported. The nation is partially compliant with ‘seven suggestions and non-compliance’ with two of the whole 40 suggestions.
Overall, Pakistan is now according to or largely compliant with 31 of the 40 FATF suggestions.
The reporting date for this evaluation was October 1, 2020, which implies Islamabad could have made additional progress since then which can be assessed at a later stage.
The APG mentioned that Pakistan will transfer from elevated (expedited) to elevated follow-up, and can proceed to report again to the APG on progress to strengthen the implementation of Anti-Money Laundering and Financing of Terrorism (AML/CFT) measures , APG mentioned.
Pakistan submitted its third progress report in February 2021 which is but to be evaluated.
Overall, Pakistan has made vital progress in addressing the technical compliance deficiencies recognized in its Mutual Assessment Report (MER) and 22 suggestions have been re-evaluated, the APG mentioned.
In the primary FUR of February final yr, Pakistan’s progress was discovered to be largely unchanged Non-compliance in 4 instances, partial compliance in 25 instances and substantial compliance on 9 suggestions. Since then, the federal government has acted aggressively and improved its effectiveness on the AML/CFT system.
Energy Minister Hammad Azhar, who additionally heads the Task Force on FATF, welcomed the re-rating, saying the outcomes show the federal government’s resolve in addition to integrity in complying with FATF necessities.
The FATF’s Mutual Assessment Report (MER) evaluates jurisdictions in two areas Technical compliance or authorized means (40 FATF suggestions) and demonstration of effectiveness (11 speedy outcomes).
Pakistan’s MER was adopted in October 2019 giving the nation compliance and large-scale compliant standing in 10 of the 40 suggestions.
After the adoption of MER, Pakistan was positioned underneath a post-monitoring interval by the FATF, which led to February this yr.
The newspaper reported that through the mentioned interval, Pakistan underwent main authorized reforms with the enactment of 14 federal legal guidelines and three provincial legal guidelines in addition to related guidelines and rules.
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With inputs from TheIndianEXPRESS
