Pakistan blacklisted by Asia-Pacific Group of FATF
The Asia Pacific Group (APG) of the Financial Action Task Force (FATF) has put Pakistan in Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards. Decision in this regard was taken at FATF APG plenary meeting held in Canberra, Australia.
Reasons for blacklisting: FATF APG has found that Pakistan was non-compliant on 32 of 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. Moreover, Pakistan was not able to convince 41-member plenary to upgrade it on any parameter.
About Asia Pacific Group (APG)
It is Financial Action Task Force (FATF)-style regional body for Asia-Pacific region to develop policies to combat money laundering and terror financing. It is inter-governmental organisation founded in 1997 in Bangkok, Thailand.
Members: It consists of 41 member jurisdictions as its members. It also has number of observer jurisdictions and international/regional observer organisations.
Mandate: It is focused on ensuring that its members effectively implement international standards against money laundering, terrorist financing and proliferation financing related to weapons of mass destruction (WMDs).
Categories: International Current Affairs