FATF expresses satisfaction over Pakistan's initiatives against terror financing

The FATF Asia Pacific Group (APG) Mutual Evaluation Report has been released acknowledging the clear progress made by Pakistan in implementing the initiatives to curb the menace of terror funding.

The Financial Action Task Force (FATF) Asia Pacific Group said in a statement that Pakistan has fulfilled 31 of the 40 recommendations of the APG.

On the other hand, the Ministry of Finance said that the implementation of the recommendations shows the seriousness of Pakistan on FATF issues.

Pakistan has met international standards for anti-money laundering and anti-terrorist financing.

According to the Ministry of Finance, Pakistan has implemented 21 recommendations in a very short time in an unprecedented and extraordinary manner.

In 2019, according to the same report, Pakistan had implemented 10 points.

Finance Ministry said that country has amended 14 federal and three provincial laws to implement the recommendations.

These laws not only strengthened the system but also brought stability.

Pakistan had submitted the technical implementation report to FATF in October 2020 after which Asia Pacific Group appreciated Pakistan's efforts.

Per the Finance Ministry, Pakistan has also submitted a report for re-ranking in the APG group.