A week before the crucial meeting of the Financial Action Task Force (FATF), Pakistan suffered a major setback. The first follow-up report for Pakistan’s assessment has been released by Asia Pacific Group (APG), the regional arm of FATAP. This report has found that Pakistan has failed to implement the suggestions given to eliminate Terror funding and money laundering. The report says that Pakistan has made progress on only two of the 40 recommendations by the FATF.
FATF will start virtual meetings from Monday till October 19 and will discuss issues such as international cooperation, policy development, risk and trends. The FATF will then hold its virtual plenary meeting during October 21–23, which will assess Pakistan’s steps to fight terror financing.
Those familiar with the development said on the condition of anonymity that Pakistan is widely expected to be retained in the gray list of the FATF, which it included in 2018. Because at that time China, Turkey and Malaysia got support. And now he is in danger of going into the black list.
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The APG report from Pakistan reported that four out of 40 recommendations in the country were non-compliant on recommendations, partially compliant on 25, and large-scale compliance on nine. These conclusions were similar to those drawn about a year ago. While two recommendations were being fully complied with.
Apart from this, 40 recommendations of APG are different from the 27 point action prescribed by FATF for Pakistan. Out of this, only 14 points were followed. The recommendations include freezing of terror assets declared by the UN, anti-terrorism financing requirements for terrorist groups and even state-run Pakistan Post to raise funds for the use of non-profit organizations (NPOs). Covers issues such as not being subjected.