ISLAMABAD: The Asia Pacific Group (APG) on Money Laundering published Pakistan’s second Mutual Evaluation follow-up Report, declaring that the country had achieved compliant or largely compliant rating in 31 out of 40 Financial Action Task Force (FATF) Recommendations in Technical Compliance. According to a press statement issued by the Finance Ministry here, these results, published on 2 June 2021, prove the sincerity and resolve of the government in complying with FATF requirements. These results are also a manifestation of the irreversibility and sustainability of the complete process in bringing Pakistan at par with Global AML/CFT standards, it added. These results are a manifestation of a government approach adopted to achieve the same. It said, adding that an upgrade of 21 Recommendations within this short period of time remains unprecedented in FATF history. FATF’s Mutual Evaluation Report (MER) of jurisdictions is assessed in two domains, i.e., Technical Compliance/Legal Instruments (40 FATF Recommendations) and Demonstration of Effectiveness (11 Immediate Outcomes). Pakistan’s MER was adopted in October 2019, in which Pakistan was rated compliant and largely complaint in 10 out of 40 FATF Recommendations for the Technical Compliance. After the adoption of MER, Pakistan was placed under Post Observation Period by FATF, which expired in February 2021. During the said period, Pakistan carried out major legal reforms with the enactment of 14 Federal Laws & three Provincial Laws, and relevant rules and regulations. The laws not only strengthened the systems in Pakistan but also brought in sustainability. Pakistan submitted its report to FATF on its Technical Compliance on 1st October 2020. APG has acknowledged that Pakistan has made notable progress in addressing the Technical Compliance deficiencies identified in its MER and has been re-rated compliant /largely compliant in 31 out of 40 FATF Recommendations. Pakistan has also submitted re-rating requests to APG on four more recommendations in the next follow-up report under review by APG. The technical upgrades achieved will help achieve effectiveness in 11 immediate outcomes of the APG MER process. As a result of this substantial progress, APG has decided to move Pakistan from enhanced (expedited) to enhanced follow-up; and Pakistan will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.