The international terror financing watchdog, Financial Action Task Force (FATF), will maintain a gathering from October 21 to 23. In this three-day digital plenary assembly, the FATF will resolve on whether or not Pakistan will stay within the “grey list” or not primarily based on Islamabad’s dedication in direction of cracking down on cash laundering and terror financing.
This assembly was earlier scheduled in June however Islamabad acquired a breather of 4 months because the Paris-based watchdog briefly postponed all mutual evaluations and follow-up deadlines because of the coronavirus pandemic.
The FATF is an inter-governmental physique that was established in 1989 to fight cash laundering, terrorist financing, and different associated threats to the integrity of the worldwide monetary system. Currently, it has 39 members together with two regional organisations – the European Commission and Gulf Cooperation Council.
FATF and Pakistan
Pakistan was put within the gray record in 2018 for not doing sufficient to curb the monetary actions of terror teams. In February, the FATF warned Pakistan that every one deadlines set for implementing an motion plan towards terror financing had expired, and that the nation had largely addressed solely 14 of 27 motion gadgets within the plan. Asia-Pacific Group, the FATF’s regional affiliate, concluded final month that Pakistan had absolutely complied with solely two out of the 40 suggestions that had been made. Since it’s within the gray record, it has develop into more and more troublesome for Islamabad to get any monetary support from International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union. In order to get out of the gray record, debt-ridden Pakistan imposed monetary sanctions on 88 banned terror teams and their leaders, together with 26/11 Mumbai assault mastermind and Jamaat-ud-Dawa (JuD) chief Hafiz Saeed, Jaish-e-Mohammed (JeM) chief Masood Azhar and underworld don Dawood Ibrahim.
What subsequent for Pakistan?
If the FATF in its assembly concludes that Pakistan has failed to satisfy its necessities, the nation may very well be put within the “Black List” together with North Korea and Iran. In August, Prime Minister Imran Khan had warned that if blacklisted on the FATF, Pakistan’s whole financial system shall be destroyed as a result of inflation and an enormous fall in Pakistani Rupee. In order to remain out of the black record, Pakistan wants the backing of solely three members of FATF’s 39 members. Pakistan has China’s help and has additionally reached out to Malaysia, Saudi Arabia and Turkey. Therefore, it’s being anticipated extensively that for now Pakistan will stay within the gray record.
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