What are the disadvantages of being blacklisted?

The negative effects of being blacklisted can be quite considerable, with huge inconvenience being the least of them. More severe effects include loss of credibility and goodwill, a decline in business and clients, and financial hardship.

What does it mean to be blacklisted by the government?

If someone is on a blacklist, they are seen by a government or other organization as being one of a number of people who cannot be trusted or who have done something wrong.

What happens when you’ve been blacklisted?

Being blacklisted means that you have a negative credit profile. If you are on the blacklist, it means that you cannot get credit. You will therefore not be able to open a clothes or furniture account. A bank loan will also be impossible.

Is being blacklisted bad?

A bad email address or full inbox can cause it to bounce, a typo could send it to the wrong person, or a blacklist can prevent it from ever reaching an inbox at all. However, being listed on a blacklist is serious. It’s also not well-understood by most marketers.

How many countries are blacklisted by FATF?

A total of 14 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.

Which countries are on the FATF Blacklist?

A blacklisted country may be subject to economic sanctions by a member of FATF. As an example, Korea and Iran are the countries on the FATF Blacklist. Therefore, we can see sanctions against Korea and Iran.

Why is Pakistan showing no inclination to mend its ways after blacklisting?

Blacklisting by the FATF is a devastating nightmare for Pakistan and yet the country is showing no inclination to mend its ways. There are two reasons behind this. The first is the confidence that its “friends in the organisation” will bail it out yet again.

Why is Pakistan on FATF’s grey list?

Notably, since coming on the FATF grey list in 2018, Pakistan has been given a number of deadlines to fulfill its commitments, improve transparency in financial dealings and take action on the financing of terrorism. Even in February 2020, FATF was quite vocal in its censure of Pakistan.

What does the FATF Blacklist mean for offshore tax havens?

Although non-appearance on the blacklist was perceived to be a mark of approbation for offshore financial centres (or “tax havens”) who are sufficiently well regulated to meet all of the FATF’s criteria, in practice, the list included countries that did not operate as offshore financial centres.