Pakistan submits compliance report to FATF

Pakistan has submitted compliance report on its 27-point action plan to the Financial Action Task Force (FATF), as three separate evaluations currently in progress will determine the country's possible exit from the grey list of the anti-money laundering watchdog by October, according to a media report.

The Asia-Pacific Group the regional affiliate of the FATF is currently conducting in Canberra (Australia) five-year mutual evaluation of Pakistan's progress on upgrading its systems in all areas of financial and insurance services and sectors, a senior government official told 'Dawn'.

This round is not directly linked to Pakistan's performance on its commitments with the FATF on money laundering 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 State Bank of Pakistan Governor Baqir Reza, will conclude on August 23, the daily said.

Pakistan has submitted its compliance report on 27-point action plan committed with the FATF to the APG, which is reviewing its compliance on about seven areas mostly relating to financial and insurance services and facilities as part of an ongoing five-year review cycle.

These areas cover safeguards against money laundering and terror financing by banned outfits and non-government entities through banking and non-banking jurisdictions, capital markets, corporate and non-corporate sectors like chartered accountancy, financial advisory services, cost and management accountancy firm, jewellers and similar related services.