Pakistan’s rating improves in FATF recommendations

ISLAMABAD – Pakistan has made significant progress on Financial Action Task Force recommendations by achieving compliant rating in 4 more points.

Reports in local media quoting Finance Ministry said “the regional body of FATF in its follow-up report published has stated that Pakistan was now in the top tier of countries that have achieved a rating of compliant or largely compliant.

The report stated that Pakistan has achieved compliant/largely compliant rating in 4 more recommendations leading aggregate to 35/40 Recommendations rated as Compliant (C) or Largely Compliant (LC).

The South Asian country has 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 and terrorist financing), R10(Customer due diligence), R11(Record keeping) and R20(Reporting of suspicious transactions).

The Financial Monitoring Unit (FMU) of Pakistan led the whole process of Pakistan’s Mutual Evaluation cycle and defended the ratings during their discussions in the Mutual Evaluation Committee Meetings of APG.

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Following the achievement, the country is well placed in technical compliance in comparison to many of the countries.

Federal Minister for Energy Hamad Azhar also shared a tweet. “Alhamdolilah. Another good news. 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”, he wrote on official handle.

Alhamdolilah, another good news;

APG released its latest report on assessment of Pak's AML/CFT Legal Framework.
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. pic.twitter.com/yQihDI7zZj

— Hammad Azhar (@Hammad_Azhar) August 13, 2021

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

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