ASIA-PACIFIC GROUP (APG) ON MONEY LAUNDERING

Source: PIB, PTI, The Hindu, The Indian Express, DD News, Lok Sabha Channel, All India Radio

 

ASIA-PACIFIC GROUP (APG) ON MONEY LAUNDERING

Taking note of Pakistan’s “meagre progress” in combating money laundering and terror financing, the Asia-Pacific Group (APG) on Money Laundering retained the country on its ‘Enhanced Follow-Up’ list.

  • APG is a regional affiliate of the Paris-based Financial Action Task Force (FATF).
  • The APG Secretariat is located in Sydney, Australia. APG was founded in 1997 in Bangkok, Thailand, and currently consists of 41 member jurisdictions in the Asia-Pacific region. Recent development:
  • The APG said, Pakistan will remain in the enhanced follow-up list and will have to continue to report back to the APG on progress to strengthen its implementation of comprehensive Anti-money Laundering and Terrorist Financing measures.
  • Pakistan is desperate to move out of ‘grey list’ as its inclusion in the list has adversely impacted its economy and image.
  • The FATF had placed Pakistan in the grey list in June 2018. China, Pakistan’s all-weather ally, has prevented it from being blacklisted by the FATF for the past two years, with support from Turkey and Malaysia. Three votes are necessary at the FATF meet to prevent blacklisting.

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