In a major setback to Pakistan, the Financial Action Task Force’s (FATF’s) Asia Pacific Group (APG) on Money Laundering has reprimanded the South-Asian country for its slow progress on the technical recommendations of the FATF to fight terror financing.

Earlier, Pakistan had requested for its ratings pertaining to targeted financial sanctions on terrorism and terrorist financing to be revised.

The APG stated that the insufficient progress made by the country fails to justify a re-rating.

The APG said, Pakistan will remain in the enhanced follow-up list and will have to continue to report back to the APG on progress to strengthen its implementation of comprehensive Anti-money Laundering and Terrorist Financing measures.