FATF APG: Pakistan cleared 22 more FATF recommendations.

FATF APG body issued a follow-up report stating the countable improvements and measures are carried out by Pakistan against the allegation in financing terrorism financing and money laundering, finally making it to the total of 31 of the 40 recommendations followed. This improvement will help Pakistan in near future to come out of the Grey list.

In the APGs report, it is now accepted that Pakistan has compliant with most of the recommendations as previously it has only compliant very few recommendation and also with limited implementations. Previously Pakistan has very bad performance in most of the indicators but in the FUR it has improved a lot and accomplished compliant with five, largely compliant with 15 and partially compliant with one indicator.

Also See: FATF decides to continue keeping Pakistan on FATF Grey list

FATF APGs Evaluation

In is evaluation, Financial Action Task Force’s (FATF) Asia/Pacific Group (APG) has accepted Pakistan’s stance on almost all contested issues. FATF underscoring that the country has finally been able to plug many deficiencies in its anti-money laundering regimes.

This FUR analyses the progress of Pakistan in addressing the technical compliance deficiencies identified in its MER.

Pakistan has made notable progress in addressing the technical compliance deficiencies identified in its MER. Pakistan has been re-rated on 22 Recommendations as stated by FATF.

  • Recommendations 14, 19, 20, 21 and 27 have been re-rated to compliant
  • Recommendations 1, 6, 7, 8, 12, 17, 22, 23, 24, 25, 30, 31, 32, 35 and 40 to largely compliant.
  • Recommendation 28 has been re-rated to partially compliant.

Pakistan has moved to enhanced follow-up. It will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

This will also boost stock market, economic affairs, stability and confidence on nations institutions. And eventually help in boosting the development in a positive way.

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