BREAKINGNEWS: Pakistan in enhanced blacklist by terror watchdog FATF

Media reports said FATF Asia Pacific Group  found Pakistan non-compliant on 32 of the 40 compliance parameters on money-laundering and terror financing.

The APG has placed Pakistan in the Enhanced Expedited Follow Up List (Black List) for failure to meet its standards.

On 40 compliance parameters, Pakistan was  Non-Compliant on 32.

On 11 effectiveness parameters, Pakistan was adjudged as Low on 10.

Despite its efforts, it could not convince the 41 member plenary to upgrade it on any one parameter.

The discussions lasted over 7 hours over 2 days.

Now, Pakistan has to focus on avoiding the Black List in Oct 2019, when the 15-month timeline ends on FATF's 27-point Action Plan.

Earlier reports said a Pakistani delegation had reached Australia and it had started talks with the Financial Action Task Force’s (FATF) Asia Pacific Group to exit its grey list.

Combatting terrorist financing has been a priority for the FATF since 2001. However, in 2015, the scope and nature of terrorist threats globally intensified considerably, with terrorist attacks in many cities across the world, and the terrorist threat posed by the so-called Islamic State of Iraq and the Levant (ISIL/Da’esh), and by Al-Qaeda and their affiliated terrorist organisations.

FATF is an intergovernmental organization founded on the initiative of the G7 to combat money laundering and terrorism financing.

The Pakistan delegation had presented its 26-page report before the intergovernmental organization regarding the measures which have been taken to prevent money laundering, terror financing, and other recommendations, reports said.