Pakistan in ‘Blacklist’ EMPOWER IAS

Pakistan in ‘Blacklist’

The Asia Pacific Group of the Financial Action Task Force (FATF) has found Pakistan non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
The FATF APG meeting was held in Canberra, .
The APG has placed Pakistan in the Enhanced Expedited Follow-up List (Black List) for failure to meet its standards.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 on the initiative of the G7.
It is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in various areas.
The FATF Secretariat is housed at the OECD headquarters in Paris.

The purpose of the Asia/Pacific Group on Money Laundering (APG) is to ensure the adoption, implementation and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards as set out in the FATF Forty Recommendations and FATF Eight Special Recommendations.

The effort includes assisting countries and territories of the region in enacting laws to deal with the proceeds of crime, mutual legal assistance, confiscation, forfeiture and extradition; providing guidance in setting up systems for reporting and investigating suspicious transactions and helping in the establishment of financial intelligence units.
The APG also enables regional factors to be taken into account in the implementation of anti-money laundering measures.

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