FATF: APG’s MER report is a tough prescription, (AKD Daily, Oct 07, 2019)
- Asia Pacific Group (APG) – an FATF-Style Regional Body consisting of 41 members – has published its ‘Mutual Evaluation Report 2019’ (MER) on Pakistan, conducting an exercise after the span of a decade with key effectiveness and technical criteria for the domestic AML/CFT system
- Evaluated through the lens of the FATF, as of Oct’18 - Pakistan, out of total 40 technical recommendations, is fully compliant on 1, largely compliant on 9, partially compliant on 26, and non-compliant on 4 counts.
- Reviews of requests made for mutual legal assistance (MLA), extradition and financial sanctions over the last five years are some of the key domestic policy/agency actions discussed, and so are inconsistencies amongst compliance screening and automated systems for isolating entities and transactions in banks, NBFIs and DNFBPs
- While prescribing recommendations for improving the role of GoP agencies, regulators and law enforcement agencies, Pakistan has also been placed in the ‘Enhanced Follow-Up (Expedited)’ category (EFP), which means the country now has to do more frequent reporting than regular follow-ups
- The final decision to put the Pakistan on the blacklist or keep on the grey list rests with the FATF plenary – a decision making body of the FATF – which is scheduled to meet on 16-18 October 2019. We believe a status quo scenario remains priced-in, with additional room for institutional activity triggered by an accommodative stance from the FATF as an outcome to the upcoming plenary meeting, guiding expectations for further deliberations in Feb’20 plenary .
AKD Research
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