FATF retains Pakistan on enhanced follow-up listing


Islamabad, October 12

Noting that Pakistan’s measures against money laundering and terror financing “are not yet sufficient to justify a re-rating”, a regional affiliate of the Financial Action Task Force on Monday retained the country on its enhanced follow-up list, according to a media report.

‘Country Non-compliant on four counts’

The first follow-up report on mutual evaluation of Pakistan, released by the Asia-Pacific Group, underlined that the country’s progress on the 40 FATF recommendations on the effectiveness of anti-money laundering and combating the financing terror system largely remained unchanged — non-compliant on four counts and partially on 25 counts.

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The development comes a few weeks ahead of the meeting of the FATF — the Paris-based global money laundering and terrorist financing watchdog — to decide on Pakistan’s grey list status.

The first follow-up report on mutual evaluation of Pakistan, released by the Asia-Pacific Group (APG), underlined that the country’s progress on the 40 FATF recommendations on the effectiveness of anti-money laundering and combating the financing terror (AML/CFT) system largely remained unchanged — non-compliant on four counts, partially compliant on 25 counts and largely compliant on nine recommendations, the Dawn News reported.

Pakistan has improved its full compliance on only two of the 40 FATF recommendations, the APG report noted.

“The country will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures,” the APG concluded in its 12-page report. The APG report noted that though the country has taken measures on recommendations pertaining to money laundering and terror financing, the progress “is not yet sufficient to justify a re-rating”.

Pakistan had requested for re-ratings on three areas declared partially compliant by the APG in October last year. The request was accepted on one count and rejected on two due to “insufficient” progress to the satisfaction of international experts.— PTI



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