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.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial