'Media reports on Pakistan being blacklisted by FATF Asia Pacific Group baseless'
Islamabad, Aug 23: Pakistan Finance Ministry on Friday said that news reports published about Pakistan being black listed by APG(Asia/Pacific Group on Money Laundering) are incorrect and baseless.
"Media reports circulating about Pakistan being blacklisted by APG are incorrect and baseless," a spokesperson from the ministry said, adding that a press release would follow shortly.
The APG in its meeting during the week of 18-23 August adopted Pakistan's third mutual evaluation report.
Earlier there were reports that the Asia-Pacific Group of the global watchdog for terror financing and money laundering has put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards, officials said on Friday.
The Asia Pacific Group (APG) of the Financial Action Task Force (FATF) has also found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
The FATF APG meeting was held in Canberra, Australia and the discussions lasted over seven hours over two days. "The APG has placed Pakistan in the Enhanced Expedited Follow Up List (Black List) for failure to meet its standards," an Indian official privy to the development said.
On 11 effectiveness parameters of terror financing and money laundering, Pakistan was adjudged as low on 10. The official said despite its efforts, Pakistan could not convince the 41-member plenary to upgrade it on any parameter.
Now, Pakistan has to focus on avoiding the blacklist in October, when the 15-month timeline ends on the FATF's 27-point action plan, another official said.