ISLAMABAD, June 20 (Xinhua) -- The apex regulator Securities and Exchange Commission of Pakistan (SECP) issued the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFR) Regulations 2018 on Wednesday.

The regulations are fully compliant with the recommendations set by the Financial Action Task Force (FATF), which are compulsory for the country as a member of the Asia Pacific Group on Money Laundering.

In its fresh set of regulations, the country's apex regulator has enhanced its focus towards the high-risk areas by adopting the taking-a-risk-based approach towards battling the scourge of money laundering and financing of terrorism.

The new regulations make it difficult for the criminals to hide their identity by using complex ownership structure of companies, partnerships, trusts, or other similar forms. Similarly, the financial institutions will now be required to identify the ultimate beneficial owner before offering their services to them.

The FATF is all set to review Pakistan's Action Plan in the coming day. The FATF will announce its decision regarding Pakistan's including in its "black-list" of countries that financially aid terrorism on June 29, 2018.

A spokesperson for the FATF has informed that the meeting will commence on June 25 and review Pakistan's Action Plan until June 29 before announcing its decision.