NEW DELHI – The Paris-based Financial Action Task Force (FATF) placedPakistan on its “Grey List” in June 2018. Islamabad was asked to complywith a plan of action by October 2019, which was further extended toFebruary 2020, or face the risk of being placed on the money launderingwatchdog’s blacklist along with Iran and North Korea.
Despite active support from Pakistan’s all-weather ally China and tacticalsupport from some countries in the West, Islamabad might not be successfulin getting its name taken off from the Financial Action Task Force’s (FATF)”Grey List”linkinFebruary, Pakistani media cited diplomatic sources as saying on conditionof anonymity.
Last week, Islamabad sent its Economic Affairs Minister Hammad Azhar toBeijing with a delegation to submit a fresh compliance report before aplenary meeting of the FATF. He reportedly used the opportunity to informof steps being taken by his country to implement the watchdog’srecommendations.
Pakistan’s Foreign Minister Shah Mehmood Qureshi voiced confidence abouthis country being taken off the “Grey List” next month after the plenarymeeting on 21-23 January. However, Pakistani media quoted diplomaticsources and analysts as saying that they foresaw a further extension of sixmonths.
China’s Foreign Ministry on 23 January praised Islamabad’s efforts forstrengthening its domestic counter-terrorism financing system and urged theinternational communitylinktorecognise the latter’s active efforts.
“As FATF president and co-chair for Asia Pacific Joint Group, China willcontinue to uphold an objective, just and constructive attitude andparticipate in relevant discussions”, Chinese Foreign Ministry spokesmanGeng Shuang told media in Beijing during his regular briefing.
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“We hope the FATF will continue to offer constructive support andassistance to Pakistan in its continued efforts to improve the counterterrorism financing system and effectively fighting the terroristfinancing”, he stated further.
Last week, senior American diplomat Alice Wells, on an official visit toPakistan, also applauded the latter for making “significant progresslinkonlegislative and administrative matters” related to the FATF action plan,Sputnik has reported.
The Pakistani government has maintained that it has addressed 24 of the 27concerns listed by the FATF, which was a vast improvement over theassessment of its compliance in October 2019, when it was mentioned thatonly five out of the 27 had been effectively addressed.
