The Financial Action Task Force
(FATA) has upgraded Pakistan's rating, with Federal Minister for Energy Hammad
Azhar saying it was the result of sweeping legal reforms in 14 federal and
three provincial laws. Gone.
According to Hamad Azhar, the
implementation of FATF's recommendations in less than two years is
unprecedented. Pakistan submitted its technical implementation report to FATF
in October 2020. Pakistan has submitted a new report for re-ranking in the Asia
Pacific Group (APG).
It may be recalled that at the FATF
meeting in February this year, it was decided to keep Pakistan on the gray list
till June.
The Asia-Pacific Group, the regional
office of the Financial Action Task Force (FATF), has upgraded Pakistan's
rating, according to a statement issued by Pakistan's Finance Ministry on
Friday night.
According to the Asia-Pacific Group's
Mutual Evaluation Review report released on June 2, "Pakistan has achieved
this rating by implementing 31 of the 40 technical recommendations of the
FATF."
In this regard, the Ministry of
Finance says that these results prove the government's commitment and sincerity
to meet the conditions of the FATF.
"These results also demonstrate
the irreversibility and stability of the process of enabling Pakistan to meet
international standards in combating money laundering and financial
terrorism."
According to the Ministry of Finance,
these results reflect the entire government's approach to this end. "There
is no precedent in the history of the FATF to upgrade 21 recommendations in
such a short time."
Pakistan's report, compiled in
October 2019, complained about 10 of FATF's 40 recommendations on technical
compliance.
Following the report, Pakistan was
placed under FATF's post-observation period, which ended in February 2021.
During this period, Pakistan made
major legal reforms, including 14 federal laws and three provincial laws, with
relevant regulations. The laws not only strengthened the system in Pakistan but
also strengthened it.
The Asia Pacific Group acknowledges
that Pakistan has made significant progress in terms of technical compliance.
Pakistan has requested a re-rating
from the APG for the next report with reference to four more recommendations
which are being reviewed by the Asia Pacific Group.
Technical upgrades will help make the
11 immediate results of the APG report effective.
As a result of this development, the
AGP has decided to move Pakistan towards betterment and to further strengthen
the Pakistan APG's anti-money laundering and counter-terrorism efforts and
other measures. I will keep reporting.