Pakistan largely complied with 36 of 40 FATF parameters: APG report

[HAIDER]

SYDNEY/PARIS: The Asia/Pacific Group on Money Laundering (APG) on Saturday published its report on money-laundering and terror-financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list.

The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the FATF — the international money-laundering and terror-financing watchdog — to make its decision in an upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan’s compliance with the parameters it had set earlier.
The APG report states that Pakistan has largely but partially complied with 36 of the 40 parameters set by the FATF at the time of the country’s inclusion in the grey list.

However, it pointed out that Islamabad only missed four of the total 40 parameters that it was to follow in order to be effectively removed from the list.

The four missed parameters comprise: Transparency & BO (beneficial owner/ownership of legal arrangements; DNFBPs (designated non-financial businesses and profession) customers’ due diligence; regulation and supervision of the DNFBPs; and mutual legal assistance freezing and confiscation.

The report further said Pakistan’s performance on international cooperation was moderate.

Also read: Pakistan thwarted India’s FATF blacklist move

It stressed on the country’s weakness pertaining to risk policy, supervision of coordination, preventive measures, legal personnel arrangements, financial intelligence, money-laundering and terror-financing (TF) investigations, prosecution and confiscation, production of TF preventive measures and proliferation-financing (PF) financial sanctions.

Last month, a high-level Pakistani delegation led by Economic Affairs Minister Hammad Azhar had attended a two-day meeting with the APG to discuss Islamabad’s progress on the FATF action plan.
https://www.geo.tv/latest/250237-pakistan-largely-complied-with-36-of-40-fatf-parameters-apg-report

 

[Riz]

Good if true

 

[fitpOsitive]

SYDNEY/PARIS: The Asia/Pacific Group on Money Laundering (APG) on Saturday published its report on money-laundering and terror-financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list.

The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the FATF — the international money-laundering and terror-financing watchdog — to make its decision in an upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan’s compliance with the parameters it had set earlier.
The APG report states that Pakistan has largely but partially complied with 36 of the 40 parameters set by the FATF at the time of the country’s inclusion in the grey list.

However, it pointed out that Islamabad only missed four of the total 40 parameters that it was to follow in order to be effectively removed from the list.

The four missed parameters comprise: Transparency & BO (beneficial owner/ownership of legal arrangements; DNFBPs (designated non-financial businesses and profession) customers’ due diligence; regulation and supervision of the DNFBPs; and mutual legal assistance freezing and confiscation.

The report further said Pakistan’s performance on international cooperation was moderate.

Also read: Pakistan thwarted India’s FATF blacklist move

It stressed on the country’s weakness pertaining to risk policy, supervision of coordination, preventive measures, legal personnel arrangements, financial intelligence, money-laundering and terror-financing (TF) investigations, prosecution and confiscation, production of TF preventive measures and proliferation-financing (PF) financial sanctions.

Last month, a high-level Pakistani delegation led by Economic Affairs Minister Hammad Azhar had attended a two-day meeting with the APG to discuss Islamabad’s progress on the FATF action plan.
https://www.geo.tv/latest/250237-pakistan-largely-complied-with-36-of-40-fatf-parameters-apg-report

I mean FATF is a big thing, simple thing like PayPal were enough to tell that Pakistani banking system actually sucks. Our incompetency in banking sector has reached to a level that we still unable to take full advantage of almost 2 billion dollar indigenous freelance industry..
Kahan tak suno gy kahan tak sunain..

 

[PakSword]

The four missed parameters comprise: Transparency & BO (beneficial owner/ownership of legal arrangements; DNFBPs (designated non-financial businesses and profession) customers’ due diligence; regulation and supervision of the DNFBPs; and mutual legal assistance freezing and confiscation.

Just look at these four parameters.. Don't we need to fix them ourselves? Or we need someone's push all the time to even do what's in our own benefit?

 

[war&peace]

I mean FATF is a big thing, simple thing like PayPal were enough to tell that Pakistani banking system actually sucks. Our incompetency in banking sector has reached to a level that we still unable to take full advantage of almost 2 billion dollar indigenous freelance industry..
Kahan tak suno gy kahan tak sunain..

Pakistan's banking sector used to be one of the most advanced in the Islamic world in early 90's. When USSR was broken into pieces, most of central asian countries contacted Pakistan to help establish their banking system on modern lines post USSR. However, as usual, the corrupt duopoly of PPP and PMLn destroyed the banking sector through corruption and by opening the very low quality and unregulated banks like Bank of Punjab, Bank of Sindh with the main purpose of money laundering. And BTW, the establishment of the time was equally responsible so it is not just the politicians rather the businessmen, bureaucracy, judiciary and even some individuals in the military all were basking in sunshine of money laundering.

Now, thanks to FATF they have been shoved a large stick up theirs so now the stuff is getting rectified and it will in fact help Pakistan a lot. That's why I often say that FATF is a blessing in disguise. If it was not for the FATF, I'm very positive that a new NRO would have already been offered by the establishment to the corrupt politicians and businessmen but FATF is the biggest hurdle after IK in the way of their wish.

 

[fitpOsitive]

Pakistan's banking sector used to be one of the most advanced in the Islamic world in early 90's. When USSR was broken into pieces, most of central asian countries contacted Pakistan to help establish their banking system on modern lines post USSR. However, as usual, the corrupt duo of PPP and PMLn destroyed the banking sector through corruption and by opening the very low quality and unregulated banks like Bank of Punjab, Bank of Sindh with the main purpose of money laundering. And BTW, the establishment of the time was equally responsible so it is not just the politicians rather the businessmen, bureaucracy, judiciary and even some individuals in the military all were basking in sunshine of money laundering.

Now, thanks to FATF they have been shoved a large stick up theirs so now the stuff is getting rectified and it will in fact help Pakistan a lot. That's why I often say that FATF is a blessing in disguise. If it was not for the FATF, I'm very positive that a new NRO would have already been offered by the establishment to the corrupt politicians and businessmen but FATF is the biggest hurdle after IK in the way of their wish.

Exactly my thoughts about FATFs current decision. I would be happier if they could give even tougher time to Pakistani beghyrat elite.

 

[Dual Wielder]

Now, thanks to FATF they have been shoved a large stick up theirs so now the stuff is getting rectified and it will in fact help Pakistan a lot. That's why I often say that FATF is a blessing in disguise. If it was not for the FATF, I'm very positive that a new NRO would have already been offered by the establishment to the corrupt politicians and businessmen but FATF is the biggest hurdle after IK in the way of their wish.

Hi

I strongly agree with your premise that money laundering is one of the biggest issues that is pushing back our economic development, and the measures that are taken now to combat this problem is strongly influenced by us being on the FAFT naughty list, but my biggest concern is will we be able to ever 'graduate' from being on the grey list..? heck many countries including our slutty neighbour want us blacklisted... I heard from somewhere that being on the grey list alone is costing our economy 10 billion USD annually.

To conclude many countries do not want a strong stable Pakistan, for us being on the naughty list in the first place was intentionally to cause a havoc on our economy by undermining our growth and to kill off CPEC like initiatives.. It is USA decision alone if they want us off it or not, since many countries are heavily influenced by them..

 

[Code_Geass]

I think our banking systems is still better then most of the developing countries. It mjght have loopholes for explorations but generally it is okay.

 

[war&peace]

Hi

I strongly agree with your premise that money laundering is one of the biggest issues that is pushing back our economic development, and the measures that are taken now to combat this problem is strongly influenced by us being on the FAFT naughty list, but my biggest concern is will we be able to ever 'graduate' from being on the grey list..? heck many countries including our slutty neighbour want us blacklisted... I heard from somewhere that being on the grey list alone is costing our economy 10 billion USD annually.

To conclude many countries do not want a strong stable Pakistan, for us being on the naughty list in the first place was intentionally to cause a havoc on our economy by undermining our growth and to kill off CPEC like initiatives.. It is USA decision alone if they want us off it or not, since many countries are heavily influenced by them..

There are strong indications that we will soon move out of this grey list. The problem lies with our establishment that has no clue of how the modern world works and what was coming hence it failed to keep in check the internal traitors. Both Gen. RS and Gen. Bajwa approached NS about this looming threat and Ishaq Dar, the economic hitman, just duped them and continued with the money laundering and NS who himself is the mother of corrupts fully protected Ishaq Dar. But the military establishment did not take a stronger action fearing the international backlash and hence Pakistan went into the grey-list. We would have gone into blacklist if IK was not allowed to get elected and take charge of the situation. So IK's is the greatest blessing for Pakistan under the current situation

 

[Flight of falcon]

Bunch of bull shit.... they want us to take steps against money laundering??.... yet any murderer , rapist, genocide suspect , corrupt politician can bring ill gotten money to England or Canada and get VIP treatment.
I know PPP leaders who come and stay with this female in Mississauga who basically runs a brothel. PPP politicians come to shop and vacation and it is her job to provide entertainment and arrange their trips.
Shirin Rehman was the last one I know who came and bought a house here..... no one even cares to ask where the money came from.

Outright stupid and hypocritical countries ...

 

[AZ1]

I mean FATF is a big thing, simple thing like PayPal were enough to tell that Pakistani banking system actually sucks. Our incompetency in banking sector has reached to a level that we still unable to take full advantage of almost 2 billion dollar indigenous freelance industry..
Kahan tak suno gy kahan tak sunain..

That is totally wrong i think you havent use internet banking in Pakistan or open an account recently?

Try transfer of money and you will understand how good our system has become now.

Why paypal is not coming is due to increase of money laundering by our politicians and others. Why we always criticise system ?

 

[war&peace]

Bunch of bull shit.... they want us to take steps against money laundering??.... yet any murderer , rapist, genocide suspect , corrupt politician can bring ill gotten money to England or Canada and get VIP treatment.
I know PPP leaders who come and stay with this female in Mississauga who basically runs a brothel. PPP politicians come to shop and vacation and it is her job to provide entertainment and arrange their trips.
Shirin Rehman was the last one I know who came and bought a house here..... no one even cares to ask where the money came from.

Outright stupid and hypocritical countries ...

Again, it is the problem of Pakistani leadership / establishment because we never raised our voice and accept silently whatever is imposed on us. We never behaved like a sovereign country. PM IK has spoken for the very first time and he called names to these hypocritical countries at UNGA... otherwise we always keep fearing. But IK has nothing to fear since he has no personal stakes outside of Pakistan, no assets, no properties outside. While 90% of PMLn and 50% of PPP leaderships are Iqama holders. The favorite judge of PMLn and media i.e. Qazi Isa also has assets in foreign countries which he has made through corruption. Then the list of businessmen, bureaucrats and judges is too long. For them, Pakistan is a cow to milk and when they retire, they settle abroad hence none has the courage or will to speak against this injustice..so it is a personal IK who can the balls and credentials to speak against it without fear.

 

[Longhorn]

Bunch of bull shit.... they want us to take steps against money laundering??.... yet any murderer , rapist, genocide suspect , corrupt politician can bring ill gotten money to England or Canada and get VIP treatment.
I know PPP leaders who come and stay with this female in Mississauga who basically runs a brothel. PPP politicians come to shop and vacation and it is her job to provide entertainment and arrange their trips.
Shirin Rehman was the last one I know who came and bought a house here..... no one even cares to ask where the money came from.

Outright stupid and hypocritical countries ...

Hypocritical yes, stupid no.

 

[blain2]

Exactly my thoughts about FATFs current decision. I would be happier if they could give even tougher time to Pakistani beghyrat elite.

Its the same with the IMF packages too. Things that we should be doing ourselves to fix are dictated to us by outsiders and then only the government moves on it. Typical third world mentality in Pakistan to address issues which should be handled proactively.

 

[AZ1]

Its the same with the IMF packages too. Things that we should be doing ourselves to fix are dictated to us by outsiders and then only the government moves on it. Typical third world mentality in Pakistan to address issues which should be handled proactively.

When ever government try to put their hands on elite or businessman media start crying. So first bring media into control but then same outsider will say attack on freedom of speech