*NEW DELHI* : Pakistan faces likely setback at the Financial Action TaskForce plenary session.
A sub-group of the Financial Action Task Force (FATF) on Tuesdayrecommended retaining Pakistan in the ‘grey list’ of the global terrorfinancing watchdog with a final decision due later this week, two peoplefamiliar with the development said.
The decision was taken at a meeting of FATF’s International Co-operationReview Group (ICRG) at the Paris plenary, which began Sunday with more than800 representatives from 205 countries and jurisdictions besidesorganizations such as the International Monetary Fund, the United Nationsand the World Bank.
“Six days of meetings will focus on global action to follow the money thatfuels crime and terrorism and reduce the harm caused to people andsociety,” FATF said in a statement posted on its website over the weekend.
Days before the FATF plenary was to start, Pakistan sentenced Saeed, thechief of LeT, who is accused by India of planning the Mumbai attacks, to atotal of 11 years in prison for two cases of funneling money for terroristactivities.
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The two sentences are to run concurrently, which means that his term inprison will effectively be slightly more than five years.
The move was expected to ease some pressure on Pakistan which is looking toexit the FATF’s ‘grey list’, which results in increased spotlight on thecountry and its financial mechanisms.
The sentencing of Saeed was welcomed by the US as an important step, whichbuoyed spirits in Islamabad. Washington, which is looking for a deal withthe Taliban to reduce its military footprint in Afghanistan, is seen asdependent on Islamabad to ensure that a nascent peace pact with the Talibanholds, given the former’s influence on the latter.
