Will Pakistan be blacklisted?

Pakistan needs to fulfil commitments it made at the FATF to tackle money laundering. Pakistan has escaped being blacklisted due to the support from China, Malaysia and Turkey. In the 39-member FATF, it requires the support of at least three countries to avoid being blacklisted for terror financing and money laundering.

Which country supported Pakistan in FATF?

The Financial Action Task Force (FATF) has retained kept Pakistan on its grey list and added its ally Turkey to the list, in a double blow for Islamabad which depended on Ankara’s support to avoid entry into the blacklist earlier. Jordan and Mali were also added to the grey list.

What happens if Pakistan is blacklisted by FATF?

On FATF blacklisting If we are placed on the blacklist, we will experience inflation that would ruin our economy,” he said. If Pakistan fails to comply with the FATF directive by October, there is every possibility that the global body may put the country in the ‘Black List’ along with North Korea and Iran.

Does FATF verdict influence Pakistan economy?

Pakistan has been hit with massive losses to its GDP worth $38 billion because of the Financial Action Task Force’s (FATF) decision to retain the country on its grey list since 2008, according to a research paper published by the Islamabad-based independent think-tank, Tabadlab.

Why Pakistan is in black list?

Prime Minister Imran Khan-led government has been under pressure to save Pakistan from being blacklisted over terror financing and money laundering. Pakistan has been on the FATF grey list since June 2018 over issues related to terrorism financing.

Is Turkey member of FATF?

There are now 23 countries in the FATF grey list, officially referred to as “jurisdictions with strategic deficiencies”. The global terror financing watchdog, Financial Action Task Force (FATF), has added Turkey, along with Jordan and Mali, in its revised list of “jurisdictions under increased monitoring”.

Is Pak a member of FATF?

FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).

Which countries are in blacklist of FATF?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….High-risk and non-cooperative countries, not committed to an action plan:

• Bolivia.
• Cuba.
• Ethiopia.
• Ghana.
• Indonesia.
• Kenya.
• Myanmar.
• Nigeria.

Is Pakistan in FATF GREY list?

Pakistan was retained on the FATF ‘grey list’ for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups.

Why was Pakistan placed on FATF?

Why was Pakistan retained in the ‘grey list’? Pakistan was ‘grey listed’ in June 2018, after the FATF found multiple strategic anti-money laundering (AML)/combating the financing of terrorism (CFT) deficiencies on its part. It was asked to implement the action plan for achieving 10 objectives.

Is Pakistan in GREY list?

Pakistan has been on the Paris-based FATF’s grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. Moreover, three other countries are onto the FATF list: Jordan, Mali and Turkey. They have all agreed on an action plan with the FATF.

Why Pakistan is not member of FATF?

The FATF’s main concern was that Pakistan did not have appropriate legislation to identify terror financing, as well as, confiscate terrorist assets. Within nine months, Pakistan was “no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process”.