With Saudi Arabia becoming an FATF member, Pakistan could garner support from another friendly country.
Islamabad (Pakistan Point News – 22nd June, 2019) Saudi Arabia has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF) following the group’s Annual General Meeting in Orlando, Florida on Friday.
FATF is a group is responsible for issuing international standards, policies and best practices to combat money laundering, terrorist financing and proliferation.
Saudi Arabia received an invitation from FATF at the beginning of 2015 to join as an “observer member” as the group hailed the Kingdom’s position at international and regional levels, as well as its efforts in combating money laundering, financing of terrorism and proliferation of arms.
With the Kingdom becoming a FATF member, the number of permanent members in the group is now 39, including the most influential countries in the world, such as the permanent members of the Security Council and most G-20 countries.
With Saudi Arabia becoming a member of FATF, it could help Pakistan get out its grey list as it already managed to garner much-needed support from three member states to avoid being placed on its blacklist.
Pakistan 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, India, a co-chair of the joint group of FATF and Asia Pacific Group, wants Pakistan to be placed on FATF'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.
With Saudi Arabia becoming an FATF member, Pakistan could garner support from another friendly country.
