Blacklist - Explained
What is a Blacklist?
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What is a Blacklist?
Blacklist contains entities which are penalized due to unethical or illegal activities. In finance, a blacklist consists of a list of persons or organizations that are punished for allegedly violating laid down business ethics. Generally maintained by entities, blacklist can be made public or secret depending on the involved parties and the nature of the crime. Blacklists do not apply to credit loans as many people believe. Rather loans are given out on a basis of credit score as no firm has the right to deny an individual access to a credit loan if he meets the requirements.
What is Being Blacklisted?
Being blacklisted is has bad consequences ranging from loss of reputation, inability to get new clients, and declining relationship with existing clients. Also, financial hardship might also occur since only a little amount of persons will be willing to do business with you. We earlier stated that blacklists can be public or secret depending on the situation and the crime. An example of a blacklist which is popularly kept from the public is the US Department of Homeland Security's No-Fly List which provides a list of persons who are not allowed entry into the United States or are denied exits from the United States via commercial airlines. The Financial Action Task Force (FATF) is an example of a public blacklist which lists the countries that are believed to be uncooperative in the movement against money laundering and financing of terrorists.