3 REVIEWS TO DETERMINE PAK’S SPOT ON FATF LIST
ISLAMABAD: As Pakistan is trying hard to avoid being placed on the grey list of the Financial Action Task Force (FATF), its performance and compliance report is being currently reviewed. Three separate evaluations currently in progress will determine the possible exit of the South Asian country from the grey list by mid-October, reported Dawn News. A government official said the Asia-Pacific Group (APG) was conducting a five-year mutual evaluation of Pakistan’s progress on upgrading its systems in all areas of financial services. This round is not directly linked to Pakistan’s performance on its highest level commitments with the FATF to counter money-laundering and terror-financing. Its assessment report can indirectly impact the country’s position to move out of the grey list.
ISLAMABAD: As Pakistan is trying hard to avoid being placed on the grey list of the Financial Action Task Force (FATF), its performance and compliance report is being currently reviewed.
Three separate evaluations currently in progress will determine the possible exit of the country from the grey list by mid-October, reported Dawn News.
A senior government official reportedly said the Asia-Pacific Group (APG) - the regional affiliate of the FATF - was conducting in Canberra five-year mutual evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services.
This round is not directly linked to Pakistan’s performance on its highest level commitments with the FATF to counter moneylaundering and terror-financing. But its assessment report can indirectly impact the country’s position to move out of the grey list.
The assessments, represented from Pakistan by the State Bank of Pakistan governor Baqir Reza, will conclude on Friday.
Pakistan has submitted its compliance report on a 27-point action plan committed with the FATF and APG, which is reviewing its compliance on seven areas, mostly relating to financial and insurance services and facilities.