#BREAKING: FATF Asia-Pacific Group has placed Pakistan on its blacklist today at conclusion of its meeting in Canberra. Pakistan put under BLACKLIST for lack of action against terror financing on its soil. Huge embarrassment for Pakistan. Huge economic nightmare begins now.
Important to note that blacklist announcement today is from the sub-group of FATF - Asia Pacific Group. This makes Pakistan’s position difficult when FATF Full Plenary meets in October to decide on formal full blacklisting of Pakistan for terror funding on its soil.
More details: Asia Pacific Group has placed Pakistan in the Enhanced Expedited Follow Up List (Black List) for failure to meet its standards. On 40 compliance parameters, Pakistan was Non-Compliant on 32. On 11 effectiveness parameters, Pakistan was adjudged as Low on 10.
Pakistan could not convince the 41 member Plenary to upgrade it on any one parameter. In all discussions lasted over 7 hours last 2 days. Pakistan now has to focus on avoiding the Black List in Oct 2019, when the 15-month timeline ends on FATF's 27-point Action Plan.
Pakistan Foreign Office has gone into a silent mourning after the FATF APG put it under Blacklist. Last time when I exclusively broke that Pakistan had been Grey listed for terror funding, Pak Foreign Minister Khawaja Asif claimed it was a 'lie' only to eat his words within days.
Full FATF APG Statement on its Annual Meeting in Canberra where stringent steps have been taken against Pakistan. As per the policy of FATF and APG, Internal meeting details and actions are not announced in the Press Statement.
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