Important Facts For Prelims
FATF may Blacklist Pakistan
- 24 Aug 2019
- 1 min read
Recently, the Asia Pacific Group of the Financial Action Task Force (APG) has placed Pakistan in the Enhanced Expedited Follow-up List (or APG’s Black List) for failure to meet its standards.
- Pakistan has been found non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
- Earlier also, the FATF had placed Pakistan in grey list and warned that its failure to complete its action plan on terror financing could possibly lead to the country getting blacklisted.
- This listing of Pakistan by APG, have further raised problems for Pakistan, as the 15-month timeline of FATF's 27-point action plan ends in October 2019.
- If Pakistan fails to take the required steps, it may get into FATF’s blacklist in October 2019.
- The APG is one of nine regional affiliates of the FATF.
- India is a member of both the APG and the FATF consultations and is represented by a team of officials from the Ministries of Finance, External Affairs and Home Affairs.
