Financial Action Task Force (FATF) has published its 2nd Follow-Up Report (FUR) on Pakistan’s progress on account of recommendations of FATF and the technical compliance deficiencies identified in its Mutual Evaluation Report (MER) which was published in October 2019. Pakistan has made notable progress in addressing the technical compliance deficiencies identified in its MER.
Pakistan requested a re-rating of its compliance for several recommendations by FATF which was undertaken by Asian Pacific Group (APG) experts and thus prepared this report. Pakistan requested a re-rating of 23 recommendations out of which 22 have been re-rated.
Out of 23 recommendations, 5 have been re-rated COMPLIANT from PARTIALLY COMPLIANT, 15 have been re-rated LARGELY- COMPLIANT, only 1 recommendation has been re-rated to PARTIALLY COMPLIANT while 2 of them remained NON-COMPLIANT based on insufficient progress.
Since the last Follow-Up Report which was published in February 2020, Pakistan has taken further steps in respect of the Anti-Money Laundering Act (AMLA). Substantial efforts have been made to address deficiencies identified in the Mutual Evaluation Report (MER). Several frameworks have been revised and measures have been strengthened. The scope of the progress is mostly in line with FATF requirements.
Pakistan will expedite from enhanced to enhanced follow-up and will continue to report back to the Asian Pacific Group (APG) on progress to strengthen the implementation of Anti-Money Laundering/ Combating the Financing of Terrorism measures