Pakistan’s 4th Follow-up Report

Pakistan progress on Technical Compliance with FATF 40 Recommendations

As per the requirements of FATF, Pakistan submitted its 4^th Follow-up Report in February 2022 requesting upgrades in four (04) recommendations (Rec. 28: Regulation and supervision of DNFBPs, Rec. 33: Statistics, Rec. 37: Mutual Legal Assistance and Rec. 38 Mutual Legal Assistance- Freezing and Confiscation). Submissions were made in the light of amendments made to the Mutual Legal Assistance Act, establishments of comprehensive data collection and management systems and supervisory activities undertaken by the regulatory authorities for designated law enforcement authorities i.e. FBR-DNFBP, ICAP, ICMAP and Ministry of Law and Justice (MoLJ).

Pakistan follow-up report was reviewed by experts from China, Hong Kong and APG Secretariat, whereas from Pakistan side these efforts were led by the Financial Monitoring Unit of Pakistan. The report was discussed in the APG’s Mutual Executive Committee meeting held in June 2022 and was later adopted with the upgrades in the rating of all four recommendations:

1. Recommendation 28 upgraded from Partially Compliant to Largely Compliant
2. Recommendation 33 upgraded from Partially Compliant to Compliant
3. Recommendation 37 upgraded from Non-Compliant to Largely Compliant

Recommendation 38 upgraded from Non-Compliant to Partially Compliant