Asia-Pacific Group (Apg) On Money Laundering retains Pakistan on its ‘Enhanced Follow-Up’ list

Asia-Pacific Group (Apg) On Money Laundering retains Pakistan on its ‘Enhanced Follow-Up’ list

Part of: GS Prelims and GS-II – International Relations

In news

• Due to Pakistan’s minimal progress in combating money laundering and terror financing, the Asia-Pacific Group (APG) on Money Laundering has retained the country on its ‘Enhanced Follow-Up’ list.

Key takeaways

• According to APG, Pakistan will remain in the enhanced follow-up list.
• It will also have to continue to report back to the APG on progress to strengthen its implementation of comprehensive measures.
• Pakistan is desperate to move out of ‘grey list’ because its inclusion in the list has severely impacted its economy and image.
• Pakistan was placed in the grey list in June 2018. 

Important value additions

Asia-Pacific Group (APG) on Money Laundering

• APG is a regional affiliate of the Paris-based Financial Action Task Force (FATF).
• Secretariat: Sydney, Australia. 
• Founded in: 1997 in Bangkok, Thailand
• It currently consists of 41 member jurisdictions in the Asia-Pacific region.