Pakistan achieves compliant rating in 40 FATF provisions


ISLAMABAD:

The Asia Pacific Group in its third Mutual Evaluation Report (MER) has found that out of 40 recommendations, Pakistan has been declared compliant or largely compliant on 35 recommendations in order to combat money laundering and terror financing, the ministry of finance said on Friday.

In a statement, the ministry said that the regional body of FATF in its follow-up report published on Thursday has stated that Pakistan was now in the top tier of countries that have achieved a rating of compliant/ largely compliant.

Pakistan has implemented four more important recommendations and it was now one of the top countries swiftly implementing the FATF plan, it added.

Furthermore, the AGP report noted that Pakistan had also achieved the rating of largely compliance / compliance in all big six recommendations of the FATF which includes R.3 (money laundering offence), R.5 (terrorist financing offence), R.6 (targeted financial sanctions related to terrorism & terrorist financing), R.10 (customer due diligence), R.11 (record keeping) and R.20 (reporting of suspicious transactions).

The statement of finance ministry said that Pakistan had enacted 17 laws with sweeping legal reforms.

Read Pakistan addresses 26 out of 27 action items of FATF

In a tweet, Federal Minister for Energy Hamad Azhar also announced the news. “Alhamdolilah. Another good news,” he said.

“Out of FATF’s 40 requirements, our earlier assessment of 31/40 upgraded to 35/40. Pakistan has now joined a select group of countries with high level of compliance.”

Pakistan has now found itself well positioned in technical compliance in comparison to many of the countries. Compared to other G20 countries, Pakistan now stands at 4th after Italy (38), Saudi Arabia (38) and UK (38), according to the statement.

The ministry said that Pakistan would continue addressing remaining gaps the report identified in its 2019 report with the commitment and now aims at achieving the remaining 5 recommendations.

“Pakistan has made good progress in addressing the technical compliance deficiencies identified in its MER and has been re-rated to Compliant/Largely Compliant,” the AGP report concluded.




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