Asia Pacific report
the June FATF meet, Pakistan was given time till October to improve its counterterrorist financing operations in accordance with the agreed plan. It is at the same meet, Pakistan secured three votes needed to avoid inclusion in a blacklist. China, Turkey and
Malaysia voted in favour of Pakistan. However, the Asia Pacific Group on Money Laundering (APG) that monitors compliance found that the country has failed to deliver on most components of a 27-point action plan.
A recent report by the APG also stated the same. The APG had 10 parameters for ‘Effectiveness and Technical Compliance Ratings’ and 40 for ‘Technical Compliance Ratings’.
Of the 10 parameters on effectiveness, Pakistan was found ‘low’ in nine areas and ‘moderate’ in one. Of the 40 technical compliance, Pakistan was found ‘compliant’ in only one, ‘partially compliant’ in 26, ‘largely
compliant’ in 9 and ‘non-compliant’ in 4. On August 22, the APG had placed Pakistan in the Enhanced Expedited Follow-Up List (blacklist) for its failure to meet the set standards.The APG report is among the materials that the FATF plenary
will consider before deciding to retain Pakistan in the grey list or demote it to the black list.
Pakistan presented its compliance report to the Financial Action Task Force (FATF) in Paris on Monday. However, reports suggest that the country’s
efforts to tackle terror-financing and money laundering might fall short in its compliance with the global body’s mandate. The compliance report at the FATF meeting is being presented by Pakistan economic affairs minister Hammad Azhar. However, it must
be noted that all eyes are now on Pakistan’s all weather friend China at the FATF plenary meeting. China holds the current FATF presidency. China’s Xiangmin Liu is the current FATF president. China’s role will be crucial, especially
after President Xi Jinping’s recent visit to India, where the leader and Prime Minister Narendra Modi spoke at length about working together on terrorism.