Pakistan close to complying with 31 of 40 recommendations of FATF

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Pakistan is close to complying with 31 of 40 recommendations of FATF
Pakistan is close to complying with 31 of 40 recommendations of FATF
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Pakistan has now complied or is close to complying with 31 of 40 recommendations.

ISLAMABAD, Pakistan – The Financial Action Task Force’s (FATF) Asia/Pacific Group (APG) accepted Pakistan’s stance on almost all contested issues in its mutual evaluation, highlighting that the country has finally been able to plug many deficiencies in its anti-money laundering and counter-terror financing regimes.

According to the second mutual evaluation follow-up report, Pakistan had requested that the APG upgrade the country’s compliance status on at least 23 of the FATF’s 40 global recommendations.

The APG accepted Pakistan’s stance, several of which were considered “critical,” including compliance with UN Security Council resolutions, tightening of weapons of mass destruction-related controls, actions against politically exposed individuals, and closing money-laundering loopholes.

However, on one condition, the Mutual Legal Assistance (MLA) agreement, the APG has downgraded Pakistan from “partially compliant” to “non-compliant.”

Improvements in FATF implementation may also help Pakistan’s case at this month’s plenary of the global financial watchdog, which will consider whether or not to keep the country on its grey list.

The country is now “largely compliant” on 24 recommendations and “complaint” on seven more. It is “partially compliant” with seven recommendations and “non-compliant” with two others, including the MLA issue.

According to the finance ministry, Pakistan is “compliant” or “largely compliant” with 31 of the 40 FATF recommendations.

The ministry went on to say that the results demonstrated the government’s sincerity and resolve in meeting FATF requirements.

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