Action plan developed to implement APG report

ISLAMABAD: Pakistan has developed an internal action plan for phase-wise implementation of the recommended action on the basis of Mutual Evaluation Report (MER) of the Asia-Pacific Group (APG) to curb money laundering and terror financing.

An official announcement made by Ministry of Finance on Monday stated that an internal action plan has also been developed for phase-wise implementation of the recommended actions on the basis of MER-recommended actions.

“As per APG procedures, Pakistan would be required to share quarterly progress reports on the implementation of APG recommended actions and would also claim up-gradation in the ratings of recommendations in which substantial progress has been made as per APG procedures. Till now the APG members whose recommendations were upgraded include Bangladesh (6), Bhutan (14), Cambodia (3), Fiji (20), Myanmar (2), Samoa (4), Sri Lanka (15), Thailand (2) and Vanuatu (29),” the statement added.

It further said that the AGP on Money Laundering has adopted Pakistan’s MER in its 22nd annual meeting held in Canberra, Australia, from 18-23 August 2019, which has now been uploaded on APG’s website as per procedure. Pakistan’s senior-level delegation headed by the governor State Bank of Pakistan attended the APG annual meeting in Canberra.

Pakistan’s MER provides a summary of the AML/CFT measures in place in Pakistan till October 2018. Since then, Pakistan has made considerable progress to address the deficiencies identified in the MER including updation of National Risk Assessment on Money Laundering and Terrorist Financing, effective implementation of targeted financial sanctions (implementation of UNSCR 1267 and UNSCR-1373), AML/CFT supervisory measures by SBP and SECP, efforts to establish AML/CFT supervisory framework for CDNS and Pakistan Post, efforts for bringing DNFBPs in AML/CFT domain, counter-terrorism departments of provincial police have been designated as investigating and prosecuting agency under the AML Act, 2010, TF risk assessment of NPO sector, enhancement of capacity building for stakeholders, actions taken by LEAs on ML/TF cases, effectiveness of international cooperation, amendments in some laws relating to AML/CFT to make them more compatible with international standards, FMU’s Egmont Group membership, improvement in FMU’s analytical functions, fully functional go AML analytical tool, FMU’s MoUs with foreign countries, effective international cooperation on ML & TF.