Pakistan blacklisted by FATF subgroup for terror funding

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 standard.

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, officials said. The FATF APG discussions lasted over seven hours over two days. On 11 effectiveness parameters Pakistan was adjudged as low on 10.

The APG's assessment report can indirectly impact Pakistan's position to move out of the grey list.

The assessments, represented from Pakistan by State Bank of Pakistan Governor Baqir Reza, concluded on Friday.

The Pakistani delegation had presented its 26-page report before the intergovernmental organisation regarding the measures which had been taken to prevent money laundering, terror financing and other recommendations. The report was collectively prepared by five institutions.

The delegation comprised representatives of the National Counter Terrorism Authority, the Federal Board of Revenue, the Securities and Exchange Commission of Pakistan, the Federal Investigation Agency and the Financial Monitoring Unit.

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.

Over 520 senior delegates from 46 jurisdictions and 13 international organisations came together in Canberra, Australia during the week of August 18-23 to convene the APG's 22nd annual meeting and annual technical assistance forum.

The event was chaired by Deputy Commissioner Leanne Close of the Australian Federal Police and Abu Hena Mohd Razee Hassan, head of the Bangladesh Financial Intelligence Unit.

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