Is Pakistan In FATF Blacklist – Free PDF Download

HISTORY

• FATF was formed by the 1989 G7 Summit in Paris to combat the growing problem of money laundering

THE FINANCIAL ACTION TASK FORCE

• Purpose –  Combat money laundering and terrorism financing
• The FATF Secretariat is housed at the OECD headquarters in Paris

SO HAS FATF BLACK LISTED PAKISTAN?

• The answer is no The Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF), has placed the Pakistan in the “Enhanced Expedited Follow Up List (Blacklist)” for its failure to meet its standards.

 WHAT HAPPENED

•  In its meeting in Canberra, the APG found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering

WHAT HAPPENED EXACTLY?

• Pakistan had submitted a compliance report on its 27-point action plan to the FATF — the global watchdog for terror financing and money laundering — as three separate evaluations would determine the country’s possible exit from the grey list by October.
• The Asia-Pacific Group was conducting its five-year evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors.

 WHAT NEXT?

•  The APG meeting will be followed by another round of mutual evaluations starting September 5 in Bangkok (Thailand), which would become a key basis for final review of Pakistan by the FATF at its plenary and working group meetings scheduled for October 13-18 in Paris.

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