Pakistan fears risk of greylist yet at another international financial forum
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*ISLAMABAD - *
Pakistan may face the risk of being grey-listed by the Asia/Pacific Group too as Islamabad has a high non-compliant rate of nearly 70 per cent on 40 recommendations against money laundering, a media report said Tuesday.
The Paris-based Financial Action Task Force (FATF) has already grey-listed Pakistan from June 2018 and any adverse findings by the Asia/Pacific Group on Money Laundering (APG) could further complicate problems for the Pakistan government, The Express Tribune reported.
A delegation of Asia Pacific Group on Monday to review whether Pakistan has made enough progress on global standards against financial crimes to warrant its exclusion from the Sydney-based watchdog's grey list. by Taboola link: Sponsored Links link: . link In Pakistan At Ridiculously Low Prices link Save70.com link
As the APG begins mutual evaluation to gauge Pakistan''s compliance with global anti-money laundering and counter-terrorism financing standards, the country faces the risk of being grey-listed by the APG due to a very high ratio of nearly 70 per cent non-compliance, the report said. Promoted: In Stores
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The APG is the FATF-style regional body for the Asia-Pacific region. It is an inter-governmental organisation founded in 1997. The mutual evaluation process by the APG is separate from the FATF but it is based on the implementation of 40 FATF recommendations, the report said.
The APG delegation currently in Islamabad will conduct last on-site mutual evaluation of Pakistan that began in June 2018. It will be last face-to-face meeting by the mutual evaluation team, suggesting that Islamabad does not have the luxury to take a lenient approach, the report said.
The APG has done Pakistan's second mutual evaluation in the past ten years. The last mutual evaluation took place in 2009.
The mutual evaluation would be based on a third draft of technical compliance annexure that the APG shared with Pakistan this month.
