WEB DESK
The Asia Pacific Group (AGP) of the Financial Action Task Force (FATF) has upgraded Pakistan’s technical compliance ratings in a sign that the country is inching closer to an exit from the gray list of sanctions.
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Earlier this year, FATF — the international body to check terror financing and money laundering — had acknowledged Pakistan’s efforts to curb money laundering and terror financing and declared that the country has met 34 action items it was assigned.
However, a final decision on taking Pakistan off of the gray list remained contingent upon the onsite visit and verification of Pakistan’s compliance.
The decision will be announced in October.
However, the country has taken another step in that direction by getting AGP approval on technical compliance.
Pakistan had submitted its 4th Follow-up Report in February 2022 requesting upgrades in four recommendations
“The submissions were made in the light of amendments made to the Mutual Legal Assistance Act, establishments of comprehensive data collection and management systems and supervisory activities undertaken by the regulatory authorities for designated law enforcement authorities i.e. FBR-DNFBP, ICAP, ICMAP and Ministry of Law and Justice (MoLJ),” the financial monitoring unit of the government of Pakistan said.
Before the FATF met in June this year, the follow-up report was reviewed by experts from China, Hong Kong, and APG Secretariat
