MoF rebuffs Indian media reports of FATF blacklisting Pakistan

'In line with APG's Third Round Mutual Evaluation Procedures, Pakistan will be required to submit follow-up progress reports to APG on a quarterly basis'


The Ministry of Finance has rejected Indian media reports about Pakistan being blacklisted by the Asia Pacific Group (APG) — the regional affiliate of the Financial Action Task Force (FATF).

In a press release issued on Friday, the ministry said that media reports about Pakistan being blacklisted were incorrect and baseless.

Indian media had earlier in the day reported that Pakistan had been placed on the blacklist; however, no source was mentioned by the outlets.

The ministry said that during the APG meeting, the group had adopted Pakistan’s 3rd Mutual Evaluation Report (MER) and had put Pakistan in its enhanced follow-up as per APG’s Third Round Mutual Evaluation Procedures.

“In line with APG’s Third Round Mutual Evaluation Procedures, Pakistan would be required to submit follow-up progress reports to APG on a quarterly basis,” the press release added.

According to an APG statement available with a private media outlet, the body’s annual meeting and annual technical assistance forum were held this week from August 18 till August 23. The APG members adopted six significant mutual evaluation reports for Pakistan, China, Chinese Taipei, Hong Kong, the Phillippines and the Solomon Islands.

The statement, however, did not mention Pakistan or any other country’s placement on the blacklist.

The statement added that reports were analysed and discussed for two days and would be subject to a post-plenary quality and consistency review before being published in early October.

“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.”

Additionally, the 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 typologies and implementation project examining the financing and facilitation of foreign fighters and returnees.”

Two typology reports were also discussed and adopted.

It is pertinent to mention that the Ministry of Finance on Wednesday had said the APG meeting on money laundering adopted Pakistan’s third MER on strengthening of anti-money laundering and countering financing terrorism (AML/CFT) safeguards that covered the period between February and October 2018. A senior-level delegation from Pakistan led by State Bank Governor Dr Reza Baqir attended the meeting.



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