Islamabad: Asia-Pacific Capital Laundering Group has retained Pakistan on “improved monitoring” status of outstanding and Islamabad requirements will continue to report on the country’s progress to strengthen its implementation of the fight. Against money laundering and the fight against financing the terror financing measures, according to a media report on Saturday.
Pakistan has been put on the gray list by the Financial Action Fund based in Paris in June 2018 and the country has trouble getting out. The Asia-Pacific Group (APG) is a FATF regional affiliate.
The second follow-up report on the Mutual Evaluation of Pakistan released by the APG also downgraded the country on a criterion.
The report stated that Pakistan had been evaluated to a “compliant” status in five counts of accounting and 15 others to “largely compliant” and another “partially compliant” account.
The Dawn newspaper indicated that overall, Pakistan is now fully “compatible” with seven recommendations and “largely compliant” with 24 others. The country is “partially compliant” with seven recommendations and “non-compliant” with two of the 40 total recommendations.
Overall, Pakistan is now compliant or largely compliant with 31 FATF recommendations.
The date of reporting for this assessment was October 1, 2020, which means that Islamabad may have made new progress since then, this would be evaluated at a later stage.
“Pakistan will go from improved (accelerated) monitoring to strengthen monitoring and will continue to report to GDA on progress to strengthen its implementation of anti-money and anti-money laundering measures. Funding for financing terror (FBL / FT), “said APG.
Pakistan submitted its third progress report in February 2021 which has not been evaluated yet.”Overall, Pakistan has made significant progress in resolving technical compliance defects identified in its mutual evaluation report (sea) and has been reinstated on 22 recommendations,” added APG.
During the first February fur fur, the progress of Pakistan were widely deemed unchanged – not complying with four accounting heads, partly in accordance with 25 charges and largely compliant on nine recommendations. Since then, the government has worked aggressively and improved its effectiveness on the AML / CFT system.
Minister of Energy Hammad Azhar, who is also responsible for the FATF Working Group, welcomed the new note, saying that the results have proved sincerity with the resolution of the government respecting the requirements of the FATF.
The Mutual Evaluation Report of the FATF (sea) of the courts is evaluated in two areas – technical compliance or legal instruments (40 FATF recommendations) and efficiency demonstration (11 immediate results).
The Pakistan Sea was adopted in October 2019 in which the country was noted compliant and largely complained in 10 recommendations on 40.
After adoption of sea, Pakistan was placed under the post-observation period by the FATF, which expired in February of this year.