Not impressed with the progress made so far, a delegation of the Asia Pacific Group (APG) has asked Pakistan to do more and get its house in order so that it may get out of the grey list of the Paris-based Financial Action Task Force (FATF).
Apparently the group members found the legal framework insufficient, and the institutional arrangements weak. According to sources, the delegation feared that the set-up installed for scrutinising the activities of non-profit organisations, brokerage houses, exchange companies and donations of corporate entities — registered under the companies act — was not robust enough.
The sources said that the APG believed that even in areas where the legal framework appeared vigorous, the implementation mechanism was not geared to track down financial flows of the entities in question, because the agencies involved were not well-connected. This weakness was prominent in real estate brokerages where large business transactions remained outside the ambit of legal records.
