Pakistan blacklisted by FATF’s Asia-Pacific Group
New Delhi: The Global Financial Action Task Force’s (FATF) regional sub-group, Asia Pacific Group (APG) has blacklisted Pakistan for non-compliance of anti-money laundering and combating terror financing efforts.
The Asia-Pacific Group of the global watchdog for terror financing and money laundering has put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards.
The decision was taken in a review meeting in Canberra, Australia, on August 22-23.
In the two-day meeting, the APG found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
On 11 effectiveness parameters of terror financing and money laundering, Pakistan was adjudged as low on 10.
The official said despite its efforts, Pakistan could not convince the 41-member plenary to upgrade it on any parameter.
Now, Pakistan has to focus on avoiding the blacklist in October, when the 15-month timeline ends on the FATF’s 27-point action plan.
The officials also said, the decision of FATF will worsen Pakistan’s chances of getting loans from international credit agencies or even attract foreign investments.