Pakistan has already started cultivating its friends to escape the Black List of the Financial Action Task Force (FATF). Pakistani Foreign Minister Shah Mehmood Qureshi has held talks with the foreign ministers of Turkey, Malaysia and Saudi Arabia since the recent decision of the Asia Pacific Group (APG), the regional arm of the FATF. However, no country has openly acknowledged that they have been negotiated on the forthcoming FATF meeting.
Meeting will be held from 21 to 23 October
A virtual review meeting of the FATF is scheduled to take place in Paris from 21 October to 23 October. During this time there can also be discussion about Pakistan. It is believed that if a consensus is reached in the member countries then it can also be blacklisted. However, China, Turkey and Malaysia will do everything possible to save their evergreen friend. In such a situation, even if Pakistan is not included in the black list, there is no doubt that it remains in the gray list.
Pakistan acted on 2 recommendations out of 40
At the Asia Pacific Group meeting held three days ago, it was stated that Pakistan had made progress on only two of the 40 recommendations made by the FATF. This 12-page report says that there has been no change in one year in the fulfillment of Pakistan’s recommendations. In view of this, APG has announced that Pakistan will remain in the ‘Enhanced Follow-Up’ list. At the same time, Pakistan has to report the efforts made towards implementing 40 suggestions. The report said that Pakistan has made some progress towards implementing some suggestions.
Pak removes thousands of terrorists from surveillance list
Pakistan has removed the names of thousands of terrorists from the surveillance list in the last 18 months. According to the report of the American newspaper Wall Street General, Pakistan’s National Counter Terrorism Authority looks at this list. It aims to help financial institutions not do business with such people. This list had a total of 7600 names in the year 2018 but in the last 18 months its number has been reduced to 3800. Not only this, since the beginning of the month of March this year, 1800 names have been removed from the list.
Iran and North Korea are already blacklisted
If included in the blacklist by the FATF, Pakistan would be placed in the same category as Iran and North Korea, and would mean that it would not be able to get any loans from international financial institutions such as the IMF and the World Bank. It will also face problems in doing financial deals with other countries.
Was added to gray list in 2018
Pakistan was listed in gray list in June 2018. The reviews in October 2018 and February 2019 also did not relieve Pakistan. Pakistan has failed to act on the recommendations of the FATF. During this time, terrorist organizations in Pakistan have received financial support from abroad and domestically.
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What is FATF
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the G7 group of countries in the French capital, Paris. Its job is to monitor money laundering, proliferation of weapons of mass destruction and financing of terrorism internationally. In addition, the FATF also promotes effective implementation of legal, regulatory and operational measures on the subject of finance. The decision making body of FATF is called FATF plenary. Its meeting is held thrice a year.
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What does FATF do
The FATF works to identify national-level vulnerabilities to protect the international financial system from misuse. In October 2001, the FATF included efforts to combat terrorist financing in addition to money laundering. While their agenda was added to their agenda in April 2012, efforts to combat the financing of proliferation of weapons of mass destruction. The FATF monitors the progress of countries in implementing the recommendations made by it. Also reviews measures to eliminate money laundering and terrorist financing techniques. In addition, the FATF promotes the adoption and implementation of its recommendations globally.