Pakistan has managed to garner much-needed support from three member states of the Financial Action Task Force (FATF) to avoid being placed on its blacklist, but black clouds are still hanging over it
ISLAMABAD (Pakistan Point News / Online - 21st June, 2019) Pakistan has managed to garner much-needed support from three member states of the Financial Action Task Force (FATF) to avoid being placed on its blacklist, but black clouds are still hanging over it. It has been on the global money laundering watchdog s radar since June 2018, when it was placed on a gray list for terrorist financing and money laundering risks after an assessment of the country s financial system and security mechanism.
Turkey was the only country that had opposed the move backed by the US, the UK, and India. However, longtime ally, Beijing abstained.Moving one step further, New Delhi -- co-chair of the joint group of FATF and Asia Pacific Group -- wants to be placed on the Paris-based watchdog s blacklist of the countries, which fail to meet international standards in combating financial crimes.However, an aggressive diplomatic push from has frustrated the looming threat with the support of Turkey, China, and Malaysia.
According to the 36-nation FATF charter, the support of at least three member states is essential to avoid the blacklisting.Confirming the development that took place at the five-day meeting of the watchdog s Plenary and Working Group meeting in Orlando, Florida last week, an official at Pakistan s foreign ministry admitted that "the danger is still not over".The group will formally announce the decision of not blacklisting in its Plenary scheduled in Paris on Oct.
13-18."This is certainly a positive development that there is no imminent threat of blacklisting [by the FATF] due to crucial support from Turkey, China and Malaysia", the official told Anadolu Agency on condition of anonymity as he was not allowed to make a public statement due to the sensitivity of the matter.But, he added, Pakistan had to meet the FATF deadline -- January 2019 -- to complete its action plan aimed at fully blocking the money laundering and other financial loopholes.
