FATF Blacklisting Looms For Pakistan After Critical Evaluation

Pakistan authorities have come under heavy criticism for poor oversight and enforcement within the country's lucrative remittance sector, after a new review of financial crime controls tipped it further towards being blacklisted on the international scene.

The Asia/Pacific Group on Money Laundering, a regional body for the Financial Action Task Force (FATF), published its mutual evaluation of Pakistan on Wednesday, assessing the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) capabilities.

A few areas of the country’s payments and financial sector escaped criticism, but the remittance sector was singled out as in dire need of reforms.

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