Pakistan has been blacklisted by Financial Action Task Force(FATF). It is an another huge setback at the international stage today. The Financial Action Task Force (FATF) has downgraded the Pakistan place and placed it under the list of blacklisted countries.
The Asia Pacfic Group of FATF has placed Pakistan in the enhanced expedited follow up list (also known as the blacklist) for its failure to meet its standards.
FATF’s Asia Pacific Group has put Pakistan in ‘enhanced blacklist’ for failure to meet global standards. FATF found Pakistan non-compliant on 32 of 40 compliance parameters on money laundering and illegal financing.
It is reported that Pakistan could not convince the 41 member Plenary to upgrade it on any parameter. Discussions held over two days, lasted for a total of 7 hours. Pakistan now has to focus on avoiding the Black List in Oct 2019, when the 15-month timeline ends on FATF’s 27-point Action Plan.
This makes Pakistan’s position difficult when FATF Full Plenary will meet in October, this year to decide on formal full blacklisting of Pakistan.