The Financial Action Task Force (FATF), an organization that tracks money laundering and terrorist financing, is set to announce Pakistan’s future today. Tonight, it will be decided whether Pakistan will remain on the FATF gray list or whether it will be blacklisted. Four of the five countries involved in the meeting are dissatisfied with Pakistan’s work on terrorism. China involved in this meeting is trying to save its Iron Brother Pakistan. On the other hand, Pakistan alleges that India is using this platform to serve political interests.
More likely to be on the gray list
According to sources linked to the FATF meeting, Pakistan can again be kept on the FATF gray list for six months. In fact, in the report prepared by this global body, Pakistan achieved only 26 of the 27 action points. According to sources at Pakistan’s Ministry of Finance, international observers reviewed Pakistan’s progress at an online meeting of the International Cooperation Review Group (ICRG).
Which countries will decide Pakistan’s future?
This group includes China, America, Great Britain, France and India. According to sources, Pakistan has implemented 26 of the 27 points of the FATF action plan. Pakistan hopes to be able to get good news from the FATF meeting. At the same time, Pakistani Foreign Minister Shah Mehmood Qureshi asserted that India is using the FATF to serve its political interests. He said it is a technical platform and should not be used for political interests.
FATF meeting regarding Pakistan, will it be blacklisted or will Imran’s “Naya Pakistan” remain on the gray list?
Pakistan obeys 26 of the 27 FATF rules
Sources said Pakistan would likely remain on the gray list due to the US withdrawal from Afghanistan. Pakistan will still need at least two to three months to implement the last point of the FATF. In such a situation America, India, France and Britain will not be ready to grant a waiver. However, in terms of performance, Pakistan is very optimistic about getting good news from the FATF.
What will be the effect if Pakistan remains in the gray list
If Pakistan remains on the gray list even at this FATF meeting, then its economic situation is sure to deteriorate further. It will also be difficult for Pakistan to obtain financial assistance from the International Monetary Fund (IMF), the World Bank and the European Union. The situation in Pakistan, which already lives in poverty, will worsen. Financial aid to Pakistan from other countries may also cease. Because no country wants to invest in an economically unstable country.
Pakistan to remain on FATF gray list, Imran Khan will have to see more bad days
Pakistan was graylisted in 2018
Pakistan was graylisted in June 2018. Even during the review conducted in October 2018 and February 2019, Pakistan was not relieved. Pakistan has not acted on the FATF recommendations. Meanwhile, terrorist organizations in Pakistan have received financial aid from abroad and at home.
Iran and North Korea are already blacklisted
If it is included in the FATF blacklist, Pakistan will be placed in the same category as Iran and North Korea and this will mean that it will not be able to obtain any loans from international financial institutions such as the IMF and the United Kingdom. World Bank. It will also face problems in making financial deals with other countries.
Pakistan to remain on FATF gray list until June, Imran Khan will face worse days
What is the FATF
The Financial Action Task Force (FATF) is an intergovernmental body created in 1989 by the group of G7 countries in Paris, the capital of France. Its mission is to monitor money laundering, the proliferation of weapons of mass destruction and the financing of terrorism at the international level. In addition, the FATF promotes the effective implementation of legal, regulatory and operational measures in finance. The decision-making body of the FATF is called the FATF Plenary Assembly. Its meeting takes place three times a year.
Know what it means to stay on the FATF and Pakistan gray list
What does the FATF do
The FATF strives to identify vulnerabilities at the national level in order to protect the international financial system from abuse. In October 2001, the FATF included efforts to combat terrorist financing in addition to money laundering. While efforts to combat the financing of the proliferation of weapons of mass destruction were added to their agenda in April 2012. The FATF monitors countries’ progress in implementing its recommendations. Also examines measures to eliminate money laundering and terrorist financing techniques. In addition, the FATF promotes the adoption and implementation of its recommendations globally.