Pakistan found compliant with 31 of 40 parameters listed by Paris-based Financial Action Task Force
NEW DELHI: Pakistan was found to be compliant or “broadly” compliant with 31 of 40 parameters listed by the Paris-based Financial Action Task Force or FATF, which monitors the flow of financiers from a report published over the weekend.
In its mutual evaluation, the FATF Asia-Pacific Group (APG) accepted Pakistan’s position on almost all of the contested issues, “stressing that the country has finally been able to address many gaps in its anti-cancer regimes. money laundering and terrorist financing, ”a report said in the Express Tribune.
The report comes ahead of this month’s FATF review meeting on Pakistan and other jurisdictions. Pakistan has been on the FATF watch list since June 2018 for allowing terrorist groups to finance their activities. Previous reports from the FATF have revealed that Pakistan’s compliance has been weak on many points, including terrorist groups listed by the UN and terrorists being allowed to raise funds for their activities through regular banking channels. The Express Tribune report said the latest FATF report found that Pakistan was found to be Compliant or Broadly Compliant on 31 issues, significantly reducing the risk of it being blacklisted and joining the ranks of countries like the United States. North Korea or Iran. A blacklisted country means its chances of getting funds and investments from abroad are drastically reduced. ), ”Says the Express Tribune report. Pakistan was assessed in two areas: technical compliance / legal instruments (40 FATF recommendations) and demonstration of effectiveness (11 immediate outcomes), ”the report states.
Pakistan’s MER was adopted in which the country was classified as “Compliant” and “Largely Complained” in 10 of the 40 FATF Recommendations for Technical Compliance.
The technical improvements made will help demonstrate the effectiveness of 11 immediate outcomes of the APG MER process, according to the report citing Pakistan’s Ministry of Finance.
“As a result of this substantial progress, the APG decided to move Pakistan from enhanced (accelerated) monitoring to enhanced monitoring. The country will continue to report to the APG on the progress made to strengthen its implementation of AML / CFT measures, ”the report said.
The APG also said it welcomed the measures taken by the country to improve its technical compliance.
Pakistan has been re-rated on many recommendations, however, insufficient progress has been made to warrant a re-rating of R38, and R.37 has been re-rated to NC following the implementation of a new law which imposes restrictive conditions on the provision of mutual legal assistance, ”said the APG report quoted by the Express Tribune.
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