Pakistan will remain on the gray list of the FATF, a setback in Pakistan on the financing of terrorism, completed on 26 points out of 27, the economic situation will suffer and the loss of Islamabad
Pakistan, which allows terrorist organizations to thrive on its soil, suffered a major setback on Friday. At the Financial Action Task Force (FATF) meeting, it was decided that Pakistan would remain on the gray list for the time being. At the same time, the difficulties of Pakistan, which is facing a dire economic situation, do not seem to be easing for the moment.
According to the FATF report, Pakistan has so far achieved only 26 of the 27 action points. Pakistan will still need at least two to three months to implement the last point of the FATF. At the same time, in Pakistan, this decision is characterized as discrimination against Western countries and the question arises as to whether Pakistan has completed work on so many points since June 2018, why is it still kept on the gray list? .
economic loss for pakistan
Pakistan suffered a loss of around $ 38 billion (Rs 27,52,76,18,00,000) because of this. Islamabad-based independent think tank Tadalab reported in its report that keeping Pakistan on the gray list from 2008 to 2019 resulted in a loss of GDP of $ 38 billion. Now it will be difficult for him to get help from institutions like the International Monetary Fund (IMF).
The FATF is the global money laundering and terrorist financing watchdog. The multi-government organization has set international standards so that illegal activities can be stopped and damage to society can be avoided. The FATF was formed in 1989 to keep the global financial system clean. It has 39 members. It is made up of 37 countries and two regional organizations. The policy-making organization encourages governments to introduce national legislative and regulatory reforms.
What does the FATF do?
The FATF has created standards to ensure that organized crime, corruption and terrorism are dealt with through cooperation on a global scale. With the help of this, the authorities track down the money of criminals associated with cases like illegal narcotics, body trafficking. The FATF also works to prevent the funding of weapons used for mass destruction.
The FATF examines money laundering and terrorist financing techniques and is constantly creating new standards to deal with new threats. Along with this, it also ensures that these standards are met and also sets the responsibility of countries that fail to meet the standards.