Islamabad: – Pakistan’s efforts to wriggle out of the grey list of the Financial Action Task Force (FATF), received a strong jolt on Monday. Asia Pacific Group (APG), an affiliate of the FATF, remarked that the Pakistani action to stop terror funding and money laundering is not enough to remove Pakistan from the Greylist. At the same time, Pakistan has been placed in the Advanced Follow-up List, till the final decision is taken either by APG or FATF. Meanwhile, India lashed out at the Pakistani efforts to influence the FATF through a US company for removal from the Grey List.
Next week, FATF will be meeting from 21st to 23rd October. An important decision to keep Pakistan in the Grey List will be taken during the meeting. It will be reviewed as to which of the 40 criteria prescribed by the FATF last year, have been fulfilled and to what extent, by Pakistan. It is claimed that the economic future of Pakistan depends on the decision taken in the meeting. But APG, an affiliate of the FATF, in its report published on Monday, has already lashed out at Pakistan for inaction. This remark is contained in the review report published by the group. This report is a part of last year’s investigation and is based on the 40 criteria prescribed by the FATF.
A leading newspaper from Pakistan itself had published that APG has stated in the report that Pakistan has satisfied a mere two of the forty criteria prescribed by FATF. The group has criticised in its 12-page report that Pakistan is hugely disinterested in implementing the FATF criteria. Therefore, unless Pakistan initiates satisfactory actions to stop terror funding and money laundering, Pakistan cannot be removed from the Grey List. The APG notes in its report that therefore, Pakistan has been placed in the Advanced Follow-up list until further decisions are made.
A possibility of a decision to include Pakistan in the Black List of the FATF is being predicted. It is claimed that in that scenario, Pakistan will stop getting any funding from the international level or the terms of the funding will become very stringent. If 12 members of the 39-member-FATF vote against, the blocks will be cleared to include Pakistan in the Black List of the FATF. To avoid this crisis, Pakistan has appointed the company Linden Strategies, located in the US state of Texas. 20 countries out of the 39 members of the FATF are under the US influence. Therefore, it is claimed that the concerned company will try to establish a connection with President Donald Trump.
India, as well as some analysts from Pakistan, have severely criticised these Pakistani tactics. The Pakistan analysts have accused that appointing the US company for this purpose is nothing but creating one more avenue for some people in Pakistan to make more money, illegally. These analysts are claiming that following the APG report; no one can stop Pakistan’s inclusion in the Black List of the FATF.
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