ISLAMABAD – Pakistan has made significant progress on Financial Action TaskForce recommendations by achieving compliant rating in 4 more points.
Reports in local media quoting Finance Ministry said “the regional body ofFATF in its follow-up report published has stated that Pakistan was now inthe top tier of countries that have achieved a rating of compliant orlargely compliant.
The report stated that Pakistan has achieved compliant/largely compliantrating in 4 more recommendations leading aggregate to 35/40 Recommendationsrated 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 R3(Money laundering offence), R 5(Terrorist financing offence), R 6(Targetedfinancial sanctions related to terrorism and terrorist financing),R10(Customer due diligence), R11(Record keeping) and R20(Reporting ofsuspicious transactions).
The Financial Monitoring Unit (FMU) of Pakistan led the whole process ofPakistan’s Mutual Evaluation cycle and defended the ratings during theirdiscussions in the Mutual Evaluation Committee Meetings of APG.
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Following the achievement, the country is well placed in technicalcompliance 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 of31/40 upgraded to 35/40. Pakistan has now joined a select group ofcountries with high level of compliance”, he wrote on official handle.
Meanwhile, the ministry said that Pakistan would continue addressingremaining gaps the report identified in its previous report with thecommitment and now aims at achieving the remaining 5 recommendations.
