Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nWhile the two processes are separate, the APG blacklisting,\nor \u2018Enhanced Expedited Follow Up\u2019 status would definitely impair Pakistan\u2019s\nchances at extricating itself from the FATF greylist that deals with countering\nterror-financing and money-laundering, at its Paris plenary later this year. <\/p>\n\n\n\n
Sources told that the Asia-Pacific Group meeting, which began on August 18, completed a third evaluation (MER) of Pakistan\u2019s actions over the past five years on building anti-money-laundering and countering financing of terrorism (AML\/CFT) safeguards, and found them wholly inadequate.<\/p>\n\n\n\n
According to the APG\u2019s final report, expected to be made\npublic after the meeting ends, Pakistan failed in 32 of 40 \u2018compliance\u2019\nparameters for its legal and financial systems, and failed 10 of 11\n\u2018effectiveness\u2019 parameters for enforcing safeguards against terror-financing\nand money-laundering by UN-sanctioned entities and other non-government\noutfits. <\/p>\n\n\n\n
As a result, Pakistan is likely to be placed on the fourth\nand lowest rung of the APG\u2019s Follow-Up (FU) listing, the Enhance Expedited\nFollow Up, the sources said. This would make the Pakistani government\u2019s next\nsteps, as it faces FATF reviews in September and October much more challenging.<\/p>\n\n\n\n
India is a member of both the APG and the FATF consultations\nand is represented by a team of officials from the Ministries of Finance,\nExternal Affairs and Home Affairs. However, the actions demanding Pakistan\u2019s\nreview have been pushed by the U.S., the U.K., Germany and France. Pakistan\u2019s\nmulti-ministerial team at the APG meeting is led by its State Bank Governor.<\/p>\n\n\n\n
Last week, Islamabad had submitted a 450-page compliance\ndocument that details all the changes the government has made to existing laws,\nand actions against terror groups in the past year and a half. Pakistan has\nclaimed that it has charged Lashkar-e-Taiba\/ Jamaat-ud Dawa (JuD) chief Hafiz\nSaeed with terror financing, and frozen all assets of the JuD and other UNSC\nbanned outfits this year, as part of its ongoing efforts to crack down on\nterror. <\/p>\n\n\n\n
The compliance document will be reviewed against a 27-point\naction plan set out by the FATF, which could decide one of three options: to\nremove Pakistan from the greylist, to continue to keep it on the greylist, or\nto downgrade it further to its blacklist. Review meetings will be held in\nBangkok on September 5, with a final decision at the Paris plenary session on\nOctober 18-23. \n\nIf Pakistan stays on the greylist, or is\nblacklisted, it faces not only a financial downgrade and restrictions on its\nmarkets, but will have a tough time managing capital inflows from IMF and other\nagencies, as well as servicing debt that adds up to about 25% of the\ngovernment\u2019s revenues at present.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Action Task Force (FATF) plenary, Pakistan now faces being put on the \u201cblacklist\u201d of the FATF\u2019s Asia affiliate, the Asia-Pacific Group (APG), that will conclude its meetings in Canberra, Australia on 23 August, 2019. Daily Current Affairs Quiz 2019 While the two processes are separate, the APG blacklisting, or \u2018Enhanced Expedited Follow Up\u2019 […]<\/p>\n","protected":false},"author":13,"featured_media":5244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[576],"offerexpiration":[],"class_list":["post-5243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-asia-pacific-group"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=5243"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5243\/revisions"}],"predecessor-version":[{"id":5245,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5243\/revisions\/5245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/5244"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=5243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=5243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=5243"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=5243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}