Wednesday, June 23, 2021
Home News Reports Pakistan blacklisted: FATF's regional affiliate APG blacklists Pakistan for failure to curb terror funding

Pakistan blacklisted: FATF’s regional affiliate APG blacklists Pakistan for failure to curb terror funding

Pakistan was earlier placed under the FATF greylist after severe pressure from the US, France, Germany, and the UK over Pakistan's failure to curb terror funding.

In a significant development, the APG, FATF’s major regional affiliate has blacklisted Pakistan for its failure to curb terror funding. The APG is currently meeting in Canberra, Australia where Pakistan has failed miserably to show improvements in set parametres for financial systems.

After global isolation of the terror state of Pakistan, the parody country was all set to face further humiliation a major affiliate group of the Financial Action Task Force (FATF) is now on the verge of blacklisting Pakistan, reports India Today.

Pakistan, which has been already grey-listed by the FATF, has been put in the black-list by the Asia-Pacific Group (APG) of the FATF, one of the nine regional affiliates of the anti-money laundering watchdog.

The APG is currently meeting at Canberra in Australia conducting a five-year mutual evaluation of Pakistan’s progress on upgrading its systems in areas of financial and insurance services.

On Wednesday, Pakistan had submitted the compliance report on its 27-point action plan to the FATF, which is currently under review by the APG and has found Islamabad lacking on many fronts. Reportedly, the APG has found deficiencies in Islamabad’s anti-money laundering and combating terror financing efforts.

Reza Baqir, the governor of Pakistan’s State Bank, is currently heading a 10-member team to represent Pakistan at the APG meeting. So far, Pakistan’s performance has been assessed as ‘poor’.

In the APG, there are around 40 parameters of which Pakistan has failed in over 35. There are 11 effectiveness parameters and Pakistan has failed in 10.

Meanwhile, Pakistan has to show compliance in both, the Mutual evaluation and the FATF action plan. The next plenary session of the FATF to be held in October will take up the final review of Pakistan’s case.

The blacklist is the lowest list of the APG. The APG blacklisting will have be a major blow to Pakistan as its chances of being blacklisted by FATF in October have now increased manifold.

Pakistan was earlier placed under the FATF greylist after severe pressure from the US, France, Germany, and the UK over Pakistan’s failure to curb terror funding. The adverse findings by the APG will keep Islamabad on the negative radar when the deadline for the final review ends in October 2019. A blacklisting by the APG can have a major impact on the final decision of the FATF and may result in an overall blacklisting of Pakistan.

The Financial Action Task Force on Money Laundering (FATF) is an intergovernmental organization founded in 1989 on the initiative of the Group of 7 (G7) to develop policies to combat money laundering and terrorism financing.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staff
Staff reporter at OpIndia

Related Articles

Trending now

Coronavirus: Health Ministry issues advisory to Maharashtra, Kerala and Madhya Pradesh on Delta Plus variant

Delta Plus variant has been detected in samples collected from Maharashtra, Kerala and Madhya Pradesh, which is a cause of concern.

Rana Ayyub tells Harvard University students how to speak ‘truth to power’, after spreading fake news over Ghaziabad fake hate crime

Rana Ayyub interacted with the students of Harvard University over challenges facing journalism and 'speaking truth to power'.

Mamata Banerjee, after promising monthly stipends for women, faces ‘financial shortage’ in keeping her poll promise

West Bengal government might have to cut down on fund allocation to other Departments to keep Lakshmi Bhandar scheme afloat.

Uttar Pradesh: Forced mass religious conversion accused Mohammad Umar Gautam was felicitated by AMU alumni for ‘spreading Islam’

Mohammad Umar Gautam and his associated at the Islamic Dawah Centre(IDC) preyed on vulnerable and poor people, those with listening and speaking disabilities, and converted them to Islam

The MVA report card: Maharashtra government’s handling of the Covid-19 pandemic

10-min read: As the Maha Vikas Aghadi struggles to keep itself afloat, here's a snapshot on the Maharashtra government's handling of the pandemic.

Congress Toolkit team now comes up with a ‘white paper’ on COVID management, here is how it is flawed

Congress has released a white paper cautioning on the third wave of COVID-19, which appears as an extension of the toolkit that was exposed last month

Recently Popular

Ravish Kumar appears massively frustrated as India administers 85 lakh COVID vaccines in single day, this is why he does not make sense

Ravish Kumar goes on a ranting spree to hate on PM Modi by camouflaging propaganda as 'criticism' over COVID-19 vaccination

How Venkatesh Prasad is winning hearts with his ‘Sanghi’ posts, one tweet at a time

Venkatesh Prasad demonstrated the Surya Namaskar for his followers, performed in deference to the Sun God.

Oxfam says reporting rape cases harms black and marginalised people, blames ‘privileged white women’ for root causes of sexual violence

Oxfam says that fighting against sexual assault legitimises criminal punishment, which harms black and other marginalised people

After MC Kode, Vastavik Muhfaad abuses Lord Krishna while dissing another rapper, songs laced with expletives and drug promotion

In another ‘high on abuses’ song, Muhfaad refers to Hindu gods Ram and Sita in a similar depreciative manner.

After being slammed by Bombay HC for lack of evidence, Mumbai police names Arnab Goswami as an accused in second TRP chargesheet

Republic TV had submitted before Bombay HC that Mumbai Police have deliberately not named Arnab Goswami in charge sheet to keep the investigation open
- Advertisement -


Connect with us