Pakistan’s biggest setback, FATF’s Asia Pacific Group blacklisted Pakistan

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FATF's Asia Pacific Group blacklisted Pakista- THN
Image Source: THN

Pakistan has suffered the biggest blow ever. Pakistan was blacklisted after the Asia Pacific Group (Asia Pacific Group, APG), the regional arm of the international action watchdog Terror Funding (FATF), failed to curb Terror funding on Friday. A senior official said that the Asia Pacific Group of the FATF found that Pakistan did not meet 32 ​​of the 40 compliance standards for terrorist funding and money laundering, which led to action against it.

The official said that the APG met in Canberra, Australia. The APG had been meeting for the last two days on the issue of funding of terrorist organizations released in Pakistan. This decision came against Pakistan after a meeting that lasted more than seven hours. The Indian official said that APG has blacklisted Pakistan for failing to meet the Terror Funding Standards. The APG had set 11 influential standards to curb terrorist funding and money laundering, of which its rating was poor at 10.

The official said that despite all efforts, Pakistan was unable to prove itself to any parameter in front of the 41-member panel. This decision of APG will have a huge impact on Pakistan. Now FATF will decide on blacklisting Pakistan in its meeting to be held in October. The FATF had assigned a 27-point action plan to Pakistan to avoid being blacklisted and granted 15 months’ time for concrete action against the terrorists. This deadline is ending in October.

Since June 2018, Pakistan is present in the ‘Gray List’ of the Financial Action Task Force (FATF). Pakistan has been able to meet two-three of the 25 standards given by the FATF last year to come out of the watch list. Pakistani Foreign Minister Shah Mehmood Qureshi has also expressed concern. He said that if the blacklisted by Pakistan FATF, then its economy would get a shock of $ 10 billion.

However, Pakistan still does not appear to be improving. He is still misleading the FATF in terms of funding of terrorists. According to sources, instead of taking concrete action, he was registering fake and weak FIRs against terrorists and terrorist groups for showing off. In this regard, the US had advised Pakistan to take concrete action against banned terrorist organizations.

The US was firmly in the limelight that only after taking concrete and satisfactory steps to take action against terrorist organizations can most countries of the world support Pakistan in exiting the Financial Action Task Force (FATF) watch list.

This action of APG has put the Pakistani economy in a cloud. If the FATF also approves the decision of the APG, then Pakistan’s economy will collapse. Foreign countries and international financial institutions will stop lending to him. Just a few days ago, International Monetary Fund (IMF) representative Terryja Sanchez, posted in Islamabad, said that if Pakistan does not get out of the FATF’s gray list ie surveillance list, then its recently sanctioned loan will also be in danger.

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