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FATF Asia-Pacific Group downgrades Pakistan in 10 out of 11 international goals for anti-money laundering, countering terrorism-finance: Report

Media reports said the Asia-Pacific Group issued an update on the ratings of its regional members stating that Pakistan had a ‘moderate level of effectiveness’ on only one of the 11 results.

Media reports said the Asia-Pacific Group issued an update on the ratings of its regional members stating that Pakistan had a ‘moderate level of effectiveness’ on only one of the 11 results.

“The Asia-Pacific Group of the Financial Action Task Force (FATF), a global watchdog for terror-financing and money laundering, has rated Pakistan’s level of effectiveness on 10 out of 11 international targets on anti-money laundering as ‘low. rated as ‘. Combating the financing of terrorism,” said a media report on September 12.

The Asia-Pacific Group (APF), the Sydney-based regional partner of the FATF, issued an update on its regional members’ ratings as of 2 September, saying Pakistan had a ‘moderate level of effectiveness’ on only one out of 11 results. . , informed of dawn,

Under this ‘immediate outcome’, Pakistan provides international cooperation on pertinent information, financial intelligence and evidence and facilitates action against criminals and their assets.

The report said, “A 15-member joint delegation of FATF and APG visited Pakistan from 29 August to 2 September to verify the country’s compliance with the committed 34-point action plan with the FATF at the highest level in June 2018. did.” ,

The task force had in February this year decided to comply or largely comply with Pakistan on all 34 points and deploy an onsite mission to verify it on the ground before formally announcing its exit from the country. had decided. gray list,

Under the FATF-APG evaluation mechanism, an effective rating on “immediate results” reflects the extent to which a country’s measures are effective.

The assessment is conducted based on 11 immediate results, which represent the key goals that the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system should achieve.

However, this has no direct impact on the expected exit from Pakistan. FATF gray list During its plenary session 18-22 October in Paris.

Last month, the APG had described Pakistan as “compliant” or “substantially compliant” on 38 out of 40 technical recommendations of the FATF on Combating Money Laundering and Terror Financing. However, it kept Islamabad on ‘enhanced follow-up’ until further progress was made on the two remaining recommendations.

This means that Pakistan has made great progress on the technical recommendations of the FATF to be out of the ‘Grey List’, but it still lags far behind the immediate results on the effectiveness of the FATF.

The APG said Pakistan’s influence on the 10 “immediate consequences (IO)” under international standards against money laundering and terror financing was minimal.

The report said that the first IO on which effectiveness is judged as moderate is where money-laundering and terror-financing are understood and where to combat money-laundering and the financing of terrorism and proliferation. Appropriate action is taken at the domestic level.

There are nine other IOs on which Pakistan is ranked as having ‘low level of effectiveness’.

Goals 7 and 8 require that ML crimes and activities are investigated and perpetrators prosecuted and subject to effective, proportionate and counterproductive sanctions and that proceeds and equipment of the crime be confiscated.

Similarly, Goals 9 and 10 demand that terror-financed crimes and activities be investigated and that persons who finance terrorism be prosecuted and subject to effective, proportionate and regressive sanctions and that terrorists, terrorist organizations and terrorist financiers be be prevented from raising, transferring and using funds. and from abusing the territory of non-profit organizations.

As Dawn reports, immediate outcome 11 requires that individuals and entities involved in the proliferation of weapons of mass destruction be prevented from raising, transferring and using funds in line with relevant UN Security Council resolutions.

exit from FATF Gray List Will restore Pakistan’s image and give confidence to foreign investors to venture into the country. Grey-listing makes it difficult for countries to conduct financial transactions and increases the cost of doing business.

According to experts, “Removing Pakistan from the gray list will help boost its struggling economy.”

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