PAKISTAN MAKES PROGRESS ON TERROR FINANCE RATINGS

PAKISTAN MAKES PROGRESS ON TERROR FINANCE RATINGS

Subject : International Relations

Context : Pakistan improved its ratings with the Asia Pacific Group (APG) on Money Laundering ahead of a decision on its grey listing status later this month.

Concept :

• Of the 40 parameters on anti-money laundering/combating financing of terrorism (AML/CFT) measures, Pakistan has made progress in about 21 and been downgraded on 1, the APG’s Mutual Evaluation Report (MER) published on June 4 said, adding that this meant Pakistan moves ‘up’ one category in its evaluation at the APG.

Asia-Pacific Group (APG) On Money Laundering

• The Asia/Pacific Group on Money Laundering is an inter-governmental organisation.
• It currently consists of 41 member jurisdictions in the Asia-Pacific region.
• To ensure that its members effectively implement the international standards against money laundering, terrorist financing and proliferation financing related to weapons of mass destruction.
• It is a part of global network of similar bodies, referred to as Financial Action Task Force-Style Regional Bodies (FSRBs) and is the largest in terms of membership numbers and geographical size.
• Secretariat: Sydney, Australia.
• Established in: APG was founded in 1997 in Bangkok, Thailand.