FATF listing: Asia-Pacific Group adopts Pakistan’s mutual evaluation report

[Devil Soul]

FATF listing: Asia-Pacific Group adopts Pakistan’s mutual evaluation report
By Shahbaz Rana
Published: August 21, 2019
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PHOTO:FATF

ISLAMABAD: The Asia-Pacific Group on Wednesday adopted Pakistan’s mutual evaluation report and has identified a number of deficiencies in the country’s anti-money laundering and combating terror financing framework.

APG highlighted that the report by Pakistan does not cover the areas in which the government has made substantial progress since October 2018.

A senior-level delegation from Pakistan, headed by Governor State Bank of Pakistan Dr Reza Baqir, attended the meeting in Canberra, Australia.



The MER covers the period from February to October 2018 and identifies a number of areas where further actions are required to strengthen the AML/CFT framework.

APG assured of strict financial checks at provincial, district levels

Financial Action Task Force (FATF) has already grey-listed Pakistan with effect from June 2018 and any adverse findings by the APG – as a result of its March 26-28 inspections – could further complicate problems for the government.

The APG is the FATF-style regional body for the Asia-Pacific region. It is an inter-governmental organisation founded in 1997 in Bangkok. The mutual evaluation process by the APG is separate from the FATF but it is based on the implementation of 40 FATF recommendations.

In the discussions, Pakistan welcomed engagement with the international community in its efforts to countering terrorism and money laundering.

The delegation briefed APG members on the steps taken in recent times for improving its AML/CFT framework as well as the actions for ensuring effective implementation of the FATF Action Plan.

They also held a number of bilateral meetings with key delegations to brief them on recent progress by Pakistan in implementing the FATF Action Plan.

Pakistan is a member of the APG since 2000. APG is a regional body of Financial Action Task Force (FATF) and requires its members to undergo mutual evaluation on the compliance of its anti-money laundering and countering financing of terrorism (AML/CFT) framework with FATF recommendations.

During the meetings, Pakistan’s Financial Monitoring Unit (FMU) also signed an MoU with the China Anti Money Laundering Monitoring and Analysis Center (CAMLAC) on exchange of financial intelligence.

 

[Devil Soul]

APG reviews Pakistan's 3rd Mutual Evaluation Report on anti-money laundering measures
Tahir SheraniUpdated August 21, 2019
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Pakistan is taking measures to exit the 'grey list' of FATF by the mid of October. — FSC.go.kr/File
The Asia-Pacific Group on Money Laundering (APG) reviewed Pakistan's third Mutual Evaluation Report (MER) that detailed measures taken by the government to counter terror-financing and money laundering from February 2018 to October 2018, a press release by the finance ministry said on Wednesday.

The MER was adopted by the APG — the regional affiliate of the Financial Action Task Force (FATF) — in its 22nd annual meeting that is being held in Canberra, Australia and will conclude on August 23. The Pakistani delegation was led by State Bank of Pakistan Governor Reza Baqir.

Pakistan is taking measures to exit the 'grey list' of FATF — where it was placed in August 2018 — by the mid of October.

While this meeting is not directly linked to Pakistan’s performance on its highest-level commitments with FATF on money laundering and terror-financing, its assessment report can indirectly impact the country’s position to move out of the 'grey list'.

ARTICLE CONTINUES AFTER AD
According to the press statement by the finance ministry, the MER "identifies a number of areas where further actions are required to strengthen the AML/CFT framework". "The report does not cover the areas in which Government of Pakistan has made substantial progress since October 2018," the statement emphasised.

The Pakistani delegation briefed APG on the measures taken in "recent times" for improving its AML/CFT framework and the steps that were being taken to ensure successful implementation of the financial watchdog's action plan.

It also "welcomed engagement with the international community in its efforts to countering terrorism and money laundering" during the discussions held at the meeting.

Pakistan also briefed other member countries separately in bilateral meetings. Furthermore, the Financial Monitoring Unit signed a memorandum of understanding with the China Anti Money Laundering Monitoring and Analysis Centre (CAMLMAC) for the exchange of financial intelligence, the statement said.

A senior government official had told Dawn before the meeting that APG was currently conducting a five-year mutual evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors.

Pakistan has submitted its compliance report on the 27-point action plan committed with 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 firms, jewellers and similar related services.

The official had explained that the five-year review by the APG, which has been under way for nearly two years, would conclude on August 23. As part of this process, he added, the countries were given future targets in view of changing technologies, practices and latest techniques and scopes.

This will be followed by another round of mutual evaluations by the APG starting September 5 in Bangkok (Thailand) that would become a key basis of Pakistan’s final review by the FATF at its plenary and working group meetings scheduled for October 13-18 in Paris.

 

[Kabira]

The Asia-Pacific Group on Wednesday adopted Pakistan’s mutual evaluation report and has identified a number of deficiencies in the country’s anti-money laundering and combating terror financing framework.

PTI won election on promise to curb money laundering and they cannot even satisfy FATF let alone Pakistani poor public who voted for them?

 

[Dual Wielder]

@Kabira

FAFT is just a political tool, world powers are playing chess, Pakistan is just a pawn. A pawn can become the Queen, but it depends on how Pakistan plays this game, in conjunction with the other players.

 

[Foxtrot Delta]

Seems true pakistan's performance was pathetic!

Failed in 32 out of 40 criteria for money laundering
Failed in 10 out of 11 criteria for terrorism sponsorship....

Pathetic i tell u Pathetic! In last 5 years

 

[foxbat]

My post in the other thread got deleted along with the thread.. Its not a blacklist yet.. but quite close.. Its an unsatisfactory rating after Mutual Evaluation report was adopted and discussed.... Read more about the protocol on this

http://www.apgml.org/mutual-evaluations/page.aspx?p=5eec08b5-ddaf-4da5-8853-33eab340c777

 

[1Paki$tani]

22ND APG ANNUAL MEETING, CANBERRA, AUSTRALIA
23 August 2019
Over 520 senior delegates from 46 jurisdictions and 13 international organisations came together in Canberra, Australia during the week of 18 – 23 August 2019 to convene the APG’s 22nd annual meeting and annual technical assistance forum. The event was chaired by Deputy Commissioner Leanne Close of the Australian Federal Police and Mr Abu Hena Mohd. Razee Hassan, Head of the Bangladesh Financial Intelligence Unit.

During the week, APG members adopted six significant mutual evaluation reports. The reports - for China, Chinese Taipei, Hong Kong, China, Pakistan, the Philippines and Solomon Islands - were analysed and discussed in detail over two full days and will now be subject to post-plenary quality and consistency review prior to publication. Final publication on the APG website is expected in early October 2019. The APG also adopted a number of follow-up reports for APG members and for joint APG/FATF members and also agreed on revised evaluation procedures for the coming year reflecting recent changes to global procedures.

APG members adopted a CFT Operational Plan as part of a global strategy to address the concerns related to terrorist financing. As part of this plan, the plenary agreed to undertake a typologies and implementation project examining the financing and facilitation of foreign fighters and returnees.

Also discussed and adopted were the following important typologies reports:

• APG/EAG report on Terrorism Financing & Proceeds of Crime (including Organised Crime). The report identifies techniques and trends associated with the use of proceeds of crime including from organised crime for financing terrorism. The report is expected to be published in November 2018.
• The 2019 APG Yearly Typologies Report includes approximately 135 cases received from 19 member jurisdictions and APG observers.

Members agreed on a new joint project with the Alliance for Financial Stability with Information Technology – to develop a workshop to be held in early 2020 on the application of FATF Guidance on Digital KYC to the Asia Pacific region following its adoption/publication by the FATF in February 2020.

The APG’s Annual Forum on Technical Assistance and Training held in tandem with the annual meeting included 30 meetings over five days, comprised of 26 individual sessions between members and donors of AML/CFT technical assistance. Three sub-regional meetings were also convened. These discussions led to important information-sharing and coordination mechanisms among the APG’s members, observers, donors and providers.

My post in the other thread got deleted along with the thread.. Its not a blacklist yet.. but quite close.. Its an unsatisfactory rating after Mutual Evaluation report was adopted and discussed.... Read more about the protocol on this

http://www.apgml.org/mutual-evaluations/page.aspx?p=5eec08b5-ddaf-4da5-8853-33eab340c777

Get your head out of your back side.

No such thing and no such thing as it being quite close unless you also believe other countries had same issue:

PG members adopted six significant mutual evaluation reports. The reports - for China, Chinese Taipei, Hong Kong, China, Pakistan, the Philippines and Solomon Islands - were analysed and discussed in detail over two full days and will now be subject to post-plenary quality and consistency review prior to publication.

 

[Aryan0395]

No such thing and no such thing as it being quite close unless you also believe other countries had same issue:

https://twitter.com/x/status/1164799318286462976

That means decision has been taken but the publication will come later. Thats how Grey list decision was made in all members plenary meeting.

 

[Rupeshkumar]

Does it really mean that pakistan funds the terror groups or its just political stunt of western countries??

 

[1Paki$tani]

https://twitter.com/x/status/1164799318286462976

That means decision has been taken but the publication will come later. Thats how Grey list decision was made in all members plenary meeting.

So what decision was taken? As your own quote states many other countries including China's report was discussed. Actually publication will take place in October.

So how are you reaching the conclusion that you have reached?

 

[Foxtrot Delta]

Seems true pakistan's performance was pathetic!

Failed in 32 out of 40 criteria for money laundering
Failed in 10 out of 11 criteria for terrorism sponsorship....

Pathetic i tell u Pathetic! In last 5 years if true.
Pakistan might get blacklisted in october 2019 if those statistics up there are true.

 

[SMC]

https://twitter.com/x/status/1164799318286462976

That means decision has been taken but the publication will come later. Thats how Grey list decision was made in all members plenary meeting.

Since you were at the meeting, you should know, I assume. Because what happened in one case can be extrapolated to every single case out there.

 

[Aryan0395]

So how are you reaching the conclusion that you have reached?

discussions concluded which means decision was taken which can be communicated through sources.

 

[1Paki$tani]

International media has started reporting this

https://eurasiantimes.com/pakistan-black-listed-by-fatf-for-terror-financing-money-laundering/

https://gulfnews.com/world/asia/ind...f-subgroup-for-terror-funding-1.1566543709868

No comments.

Just lol to your source.

discussions concluded which means decision was taken which can be communicated through sources.

concluded what?

They discussed reports for all countries including Pakistan over two (2) days. so how are you reaching the conclusion?

Seems true pakistan's performance was pathetic!

Failed in 32 out of 40 criteria for money laundering
Failed in 10 out of 11 criteria for terrorism sponsorship....

Pathetic i tell u Pathetic! In last 5 years if true.
Pakistan might get blacklisted in october 2019 if those statistics up there are true.

Source?

 

[SMC]

concluded what?

They discussed reports for all countries including Pakistan over two (2) days. so how are you reaching the conclusion?

Don't overthink it. They are just speculating what they would have like to had happened. This is only being reported in Indian media and a couple of arab websites. If this was news it would have long been reported elsewhere.