ISLAMABAD: Pakistan’s technical compliance rating has been upgraded, it was revealed in the Asia Pacific Group (APG)’s technical compliance report on the implementation of the FATF Action Plan by Pakistan.
It should be noted that APG is a subsidiary of The Financial Action Task Force (FATF).
According to the report, Pakistan has made good progress in addressing the technical compliance deficiencies identified in its mutual evaluation report (MER) and has been re-rated on Compliant with R.33, Largely Compliant with R.28 and R.37 and Partially Compliant with R.38.
After the February 2022 review of Pakistan’s performance, Pakistan’s technical rating in Pakistan’s technical compliance has been upgraded. Due to the improvement in the technical compliance rating and implementation on 38 out of 40 points, the APG has expressed satisfaction over Pakistan’s performance and it has been removed from the list of countries under strict monitoring for the implementation of FATF Action Plan (Enhanced Expedited) and added in the list of countries with instructions to improve the performance so far in the future— Enhanced Follow-Up.
The reported noted that Pakistan now maintains comprehensive statistics on matters relevant to the effectiveness and efficiency of their AML/CFT systems, including STRs, received and disseminated; ML/TF investigations, prosecutions and convictions; property frozen; seized and confiscated; and mutual legal assistance or other international requests for co-operation made and received.
On Criterion 33.1, which is met, the reported stated that Pakistan authorities have made substantial progress on the maintenance and management of comprehensive AML/CFT statistics.
Pursuant to the AML Act section 5(2)(f), the NEC is empowered to monitor the collection of statistics and the overall outcomes from FMU, AML/CFT supervisors, LEAs and other AML/CFT competent authorities, it stated.
