‘ Pakistan makes progress on FATF panel ranking

‘ Pakistan makes progress on FATF panel ranking

Pakistan’s rating on four more of the 40 technical recommendations of the Financial Action Task Force (FATF) has been improved by the Asia Pacific Group (APG) on Money Laundering.

However, it has been retained on ‘Enhanced Follow up’ to meet the outstanding requirements.

APG, a regional affiliate of the Paris-based FATF, said, “Pakistan has 35 recommendations rated compliant or largely compliant (C/LC). It will remain on enhanced follow-up, and will proceed to report back to APG on the process to strengthen its implementation of AML/CFT measures”.

According to the third Follow-Up Report, Pakistan is now wholly compliant with eight recommendations and largely compliant with 27 others.

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Pakistan is partially compliant with three recommendations compared to seven in June this year and non-compliant with two out of a total of 40 recommendations – unchanged against June.

All in all, Pakistan is compliant or largely compliant with 35 out of 40 recommendations of the global financial watchdog.

The APG said, “Pakistan has made great progress in addressing the technical compliance insufficiencies shown in its Mutual Evaluation Report (MER) and has been re-rated on R.10, R.18, R.26 and R.34”.

Pakistan showed adequate progress on one recommendation and was promoted to be compliant.

This means Pakistan has addressed deficiencies with respect to the employee screening requirements for DFIs and banks with nine new provisions in SBP and SECP Regulations. Furthermore, amendments have been passed in Pakistan Post Regulations and the CDNS to provide enforceable AML/CFT requirements. Minor deficiencies, however, remain with the SBP Regulation coverage of requirements for financial groups.

The reporting date for these evaluations was February 1, 2021, which means that Pakistan may have made further progress since then that would be assessed at a later stage.

Pakistan had, in February 2021, submitted its third progress report, asking re-ratings for R.10, 18, 26 and 34.

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