Sat 05 June 2021:
The Financial Action Task Force’s (FATF) Asia/Pacific Group on Money Laundering (APG) acknowledged Pakistan’s progress to fight corruption in the Mutual Evaluation Report released Friday.
The purpose of the APG is to ensure the adoption, implementation, and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards as set out in the FATF Forty Recommendations and FATF Eight Special Recommendations.
The group said Pakistan had largely complied with 31 of FATF’s 40 recommendations — and now the country has been added to the APG’s “follow-up list”.
The Ministry of Finance welcomed the development and said the recommendation shows Pakistan’s seriousness towards meeting FATF’s requirements.
The Mutual Evaluation Report covers measures up to October 2020, it said.
“Pakistan has met the international standards for anti-money laundering and anti-terrorism financing, the ministry said.
Pakistan has completed 21 recommendations in an “unprecedented and extraordinary manner” within a short span of time, the ministry said, adding that in the APG’s 2019 report, Pakistan had implemented 10 points out of 40.
The ministry said Pakistan has amended 14 federal and three provincial laws to implement the recommendations, which have not only strengthened the system but also brought stability.
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