Pakistan submits compliance report to FATF

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  1. Pakistan has submitted compliance report on its 27-point action plan to the Financial Action Task Force(FATF).
  2. This action plan comes in the backdrop of Pakistan being grey listed by FATF.The greylisting meant downgrading of the country by institutions like IMF, World Bank and also reduction in risk rating by Moody’s and Fitch.
  3. Further,the Asia-Pacific Group(APG) which is the regional affiliate of the FATF is also conducting separate evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors.
  4. These evaluations will determine the Pakistan’s possible exit from the grey list of the FATF by October,2019.
  5. The FATF is an inter-governmental body established in 1989 on the initiative of the G7.The FATF Secretariat is housed at the OECD headquarters in Paris,France.
  6. The objectives of the FATF are to (a) set standards and promote effective implementation of legal, regulatory and operational measures (b) for combating money laundering (c)terrorist financing and (d) other related threats to the integrity of the international financial system.
  7. The APG is the FATF-style regional body for the Asia-Pacific region.APG was founded in Bangkok,Thailand in 1997 as an autonomous regional anti-money laundering body by unanimous agreement among 13 original founding members.