Published 09:43 IST, October 13th 2019
Paris meeting to decide Pakistan's fate as FATF takes up case
It's a testing time for Pakistan as it will have to prove the measures taken against terror funding and money laundering activities to the FATF in Paris
It's a testing time for Pakistan as it is tasked with proving measures the country has taken against terror funding and money laundering activities. The Pakistan delegation left for France as Pakistan's case in the FATAF (Financial Action Task Force) is to be taken up on October 14 and October 15. The compliance report will be presented by Pakistan's economic Affairs Minister Hammad Azhar.
FATF Grey lists Pakistan
The FATF had given the country four months to improve 'counter-terrorist financing'. The FATF had also said Pakistan failed to complete its plans. “Not only did Pakistan fail to complete its action plan items by January deadline; it also failed to complete its action plan items due May 2019”. Pakistan was told to implement a 27- point action plan to block financial loopholes, terror financing and money laundering in the country. The FATF also placed Pakistan on Grey List in June 2018.
Asia Pacific Joint Group says Pakistan failed to meet standards
Sources also revealed that if Pakistan fails to meet the implementation of the action plan, the country will be blacklisted. Several local media reports from the country claim that the plans have been implemented very well and show confidence in the higher-order to evade the blacklist. In August 2019, Asia Pacific Joint Group (APJG) placed Pakistan in the enhanced follow up list for failure to meet the standards. The list was based on technical compliance and rated 'satisfactory' on meeting 10 points out of the 40.
Pakistan reaches out to member nations
Sources also reveal that Pakistan has reached out to all the member nations stating it was progressing in completing its action plan and placing the country on the blacklist would mean pushing it into an economic quagmire and slowing down trade. This would also impact its ability to repay IMF loans. However, a few diplomats from the USA and Europe are of the view that the move would not have a significant impact on Pakistan.
(With ANI inputs)
Updated 11:38 IST, October 13th 2019