ISLAMABAD, 11 May 2021, (TON): Pakistan has taken compliance with FATF recommendations in Post Observation Period Report (POPR) seriously and has taken appropriate action to present its case during review meetings of the FATF, scheduled in the next FATF plenary on 21-25 June 2021. Pakistan’s federal cabinet has approved two sets of rules including the AML (Forfeited Properties Management) Rules 2021 and the AML (Referral) Rules 2021 under the National Policy Statement on Follow the Money. This resulted in some changes in existing schedule of Anti-Money Laundering Act 2010 (AMLA). The implementation awaits appointment of administrators and special public prosecutors for implementation.
In the October 2020 review, the FATF watchdog said Pakistan “successfully complied with 21 out of 27 points. Out of total 27 actions points, the three outstanding action points include; demonstrating that terrorist financing (TF) investigations and prosecutions target persons and entities acting on behalf or at the directive of the designated persons or entities; demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and demonstrating effective implementation of targeted financial sanctions against all designated terrorists, particularly those acting for them or on their behalf.