FATF Asia-Pacific Group blacklists Pakistan over non-compliance in terror financing
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Global Financial Action Task Force’s (FATF) regional sub-group APG (Asia-Pacific Group) has blacklisted Pakistan for non-compliance of anti-money laundering and combating terror financing efforts. The decision was taken in a review meeting in Canberra, Australia, on August 22-23. The Pakistani delegation was led by Dr Reza Baqir, the Governor State Bank of Pakistan.

Despite Pakistan’s contentions on improving its grading on nearly 50 parameters, Pakistan failed to garner support from the 41-member plenary. The body placed Pakistan on ‘Enhanced Expedited Follow-Up List’ (blacklist) for failing to meet the requirements.

Of total 40 parameters set by the regional grouping, Pakistan failed on around 36, while it passed on only one of the total 11 ‘effectiveness’ parameters. Pakistan had submitted its compliance report comprising its 27-point action plan to the Financial Action Task Force (FATF). The report could not pass the scrutiny of the APG, which found Islamabad lacking on several fronts.

FATF Asia-Pacific Group blacklists Pakistan over non-compliance in terror financing

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rakesh.manzi@gmail.com

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