The move was taken by the FATF’s Asia Pacific Arm to place Pakistan in the “Enhanced Blacklist” is the latest blow to Pakistan. Owing to the country’s failure on meeting international standards, the global watchdog FATF blacklist Pakistan. The global group has elaborated as the country failed to control money laundering and terror financing activities.
What is FATF?
FATF, it is an Intergovernmental Organization founded in late 1989 to combat against international money laundering activities by creating policies. The global watchdog FATF (Financial Action Task Force) created upon the initiatives of the G7 group of countries. Later, in 20001 few more policies added with FATF to combat global terror financing activities.
In the Australian capital Canberra, the meeting of FATF’s Asia Pacific Group (APG) held. In that meeting, the decisions of FATF blacklist Pakistan taken. The FATF’s decision will cause a severe blow to Pakistan, since the country seeking global help to improve its economic ventures.
Why Asia Pacific Group (APG) of FATF blacklist Pakistan?
Earlier, India has urged the FATF to take action against Pakistan for not taking essential steps against controlling terror-funding activities. The move taken by India followed by the UN action against the Pakistan based Jaish-e-Mohammed Chief Masood Azhar.
Because of the India’s urgency, the FATF has warned Pakistan for not taking essential steps to curb terror financing. In addition, the global watchdog listed Pakistan in “Grey List” since June 2018.
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Now, the FATF blacklist Pakistan for non-meeting 32 of the 40 compliance parameters set by the global watchdog against terror financing and money laundering. Nevertheless, the FATF quoted as the country Pakistan judged low when compared with 11 effective parameters.
Recently, the Pakistan government had submitted around 450-page document with details of changes made in-laws and government’s actions against terror groups. It seems like the global watchdog FATF not convinced with the actions taken by Pakistan.