Money laundering etc, Pakistan fares well on FATF conditions

Paris: Pakistan made progress on countering money laundering and terror financing as the Asia/Pacific Group on Money Laundering (APG) has highlighted Pakistan’s progress positively with compliance on 36 of the 40 parameters, while the Joint Working Group (JWG) has categorised Islamabad as compliant on 10 points out of total 27 points of action plan.

he APG on Money Laundering on Saturday published its report on money-laundering and terror- financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list, Geo News reported. The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the FATF — the international money-laundering and terror-financing watchdog — to make its decision in an upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan’s compliance with the parameters it had set earlier.

Earlier in August it was reported in the media that out of 40 universal recommendations of FATF, Pakistan’s rating was partially and non-compliant on 30 recommendations and performance was also below par on 10 as against 11 Immediate Outcomes.

Out of total 11 Immediate Outcomes, which determine the effectiveness of the AML and CFT frameworks, only on one indicator effectiveness was found moderately effective and on rest of 10, the rating was ineffective.

The APG report states that Pakistan has largely but partially complied with 36 of the 40 parameters set by the FATF at the time of the country’s inclusion in the grey list. However, it pointed out that Islamabad only missed four of the total 40 parameters that it was to follow in order to be effectively removed from the list.

AlamulKhabar Pakistan