1. fatf is just an observer who gives 'recommendations' to IMF / lenders etc
2. fatf compliance is used as an arm twisting to bully countries ( esp poor ones)
3. fatf blacklisting would mean intl banks ( in the west ) wont open LCs with you . in essence, you are cut off from SWIFT and TT messaging systems ( europe and russia are developing their own financial messaging protocols to get around this )
4. UK isle of man , cayman islands , switzerland, new zealand , ireland, portugal , HK and many offshore tax havens are actually in FATF grey list
UAE is a huge black money dump and ,yet is FATF compliant
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make no mistake, getting into FATF whitelist wont solve our economic woes ,,,