Pakistan FATF panel ranking improves, joins states with high level of compliance

As per details, the Asia Pacific Group (APG) on Money Laundering has improved Pakistan’s rating on four more of the 40 technical recommendations of FATF against money laundering and terror financing (AML/CFT)— retaining it on ‘Enhanced Follow up’ to meet the outstanding requirements.

The Ministry of Finance and head of the task force on FATF Hammad Azhar, on his official twitter handle welcomed reclassification separately and said that Pakistan placed in technical compliance in comparison to many other countries.

He wrote, “Alhamdolilah, another good news; APG released its latest report on assessment of Pak's AML/CFT Legal Framework”.

He further added, “Out of FATF's 40 requirements, our earlier assessment of 31/40 upgraded to 35/40”.

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

According to an official statement, Pakistan has also achieved the rating of largely compliant in all the six major recommendations of the FATF including, the money laundering offence, terror financing offence, targeted financial sanctions related to terrorism and terrorist financing, customer due diligence, record keeping and reporting of suspicious transactions.

“Pakistan is now in the top tier of countries that have achieved a rating of C/LC for over 35 of the 40 FATF Recommendations,” the Finance Ministry said.

As per official report, 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).

However, Pakistan is now in the top tier of countries that have achieved a rating of C/LC for over 35 of the 40 FATF Recommendations.

Overall, Pakistan is now complying with 35 or more of FATF’s 40 recommendations.