In a major setback for Pakstan, the Asia-Pacific Group of FATF, the global watchdog for terror financing and money laundering , has put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards.
According to a report by newswire PTI, the Asia Pacific Group (APG) of the Financial Action Task Force (FATF) has also found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
Financial Action Task Force (FATF) is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001 its mandate was expanded to include terrorism financing.
FATF APG meeting took place in Canberra, Australia. In an earlier plenary meeting in June, FATF had warned Pakistan that it would be put in blacklist if the country that Pakistan had failed to meet targets for controlling terror financing.
At least four participating countries said the focus should be on Islamabad taking “credible, verifiable, irreversible and sustainable” steps to end terror funding and terrorism emanating from territory under its control.