Another major setback to Pakistan, FATF's Asia-Pacific Group blacklists Pakistan

Aug 23 2019 01:10 PM
Another major setback to Pakistan, FATF's Asia-Pacific Group blacklists Pakistan

WASHINGTON: Pakistan, which is reeling under financial crisis, has suffered another setback. The Financial Action Task Force (FATF), an international counter-terrorism watchdog, has downgraded Pakistan to the 'black' list. The FATF has blacklisted Pakistan for its failure to curb terrorist financing and money laundering. Earlier, FATF had listed Pakistan in the grey list.

Indian officials said, the Asia Pacific Group of FATF has blacklisted Pakistan for not meeting global norms. The FATF found that 32 out of 40 criteria relating to money laundering and financing of terrorists were not met by Pakistan. 

It will be more difficult for Pakistan to get loans in the world once it gets blacklisted. The FATF said on Friday that Pakistan has completely failed to curb terror funding. In a statement issued at the conclusion of the meeting held in Orlando, Florida, FATF expressed concern that Pakistan has not only failed to meet its action plan with the January deadline, but it has also failed to complete its action plan by May 2019.

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