FATF Asia Pacific Group places Pakistan on Enhanced Follow up list

FATF Asia Pacific Group places Pakistan on Enhanced Follow up list
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ISLAMABAD - Financial Action Task Force Asia Pacific Group places Pakistan on Enhanced Follow up list.

The Ministry of Finance Friday categorically rejected Indian media reports about Pakistan being blacklisted by the Asia-Pacific Group (APG) – the regional affiliate of the Financial Action Task Force (FATF).

The ministry in a press statement clarified that APG in its 22nd Annual Meeting held in Canberra, Australia, from August 18-23, 2019, adopted Pakistan’s 3rd Mutual Evaluation Report and put Pakistan in its enhanced follow-up as per APG’s Third Round Mutual Evaluation Procedures.

In line with the APG’s Third Round Mutual Evaluation Procedures, Pakistan will be required to submit follow-up progress reports to APG on quarterly basis. “Media reports, being circulated about Pakistan, being blacklisted by APG are incorrect and baseless,” the ministry said.

FATF Communications Management Advisor Alexandra Wijmenga-Daniel, meanwhile, said that the decision to place a country’s name on the blacklist can only be taken by the global watchdog and not its regional affiliates. “At each Plenary meeting, the FATF discusses and updates its two public documents identifying jurisdictions that may pose a risk to the international financial system. The decision to make modifications to these documents (including blacklisting or removal) lies with the FATF Plenary only,” she explained.

Economy