Earlier this year the Financial Action Task Force (FATF) had put Pakistan on the Grey List for being guilty of funding terrorism. An international delegation which is monitoring Pakistan’s commitments to FATF has mandated Pakistan to make terror financing and money laundering extraditable laws, else risk being placed in FATF Black List.
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The Asia Pacific Group on Money Laundering is currently in Pakistan to monitor Pakistan’s promises to FATF. The Asia Pacific Group will submit a report of the Financial Action Task Force headquartered in Paris. The FATF had put Pakistan on the grey list in June.
The mutual evaluation report of the Asia Pacific Group will play a crucial role in FATF’s further approach towards Pakistan. Based on this report the Financial Action Task Force, they will decide whether to retain or remove Pakistan’s name from the list after September next year.
Pakistan needs to be in compliance with a 10 point action plan by the end of September next year which it had committed to the Financial Action Task Force. Pakistan needs to prove to the global financing watchdog that it is committed to combat terror financing and money laundering or else it will then find its name on the FTFF Blacklist from the Greylist. The international standing of Pakistan, as well as Pakistan’s economy, is taking a big hit while being on the grey list of the Financial Action Task Force.
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On Wednesday, the delegation of the Asia Pacific Group asked Islamabad to ensure stringent measures to act against terror funding and money laundering. Pakistan has been time and again accused of funding terror on its soil.
India and other nations have alleged Pakistan of perpetrating terror at global platforms. Even the US has scrapped off the aid to Pakistan as it has found Pakistan guilty of backing and funding various terrorist organisations. Pakistan which is already struggling with its economy does not have a choice but to mend its ways. In failing to do so it would find itself on the blacklist of the FATF and be a victim of global isolation.