ISLAMABAD – Pakistan is making a last ditch manoeuvre to save the countryfrom the embarassment of being included in the FATF counter terrorism watchlist.
A delegation comprising of officials from finance and interior ministriesreached Paris earlier today to plead Pakistan’s case at the ongoing meetingof the Financial Action Task Force (FATF) – a global body that combatsterrorist financing and money laundering.
The delegation, led by Director-General Financial Monitoring Unit SyedMansoor Shah and comprising of other members of the Foreign and Interiorministries, will defend Pakistan’s position at the FATF meeting, where aresolution sponsored by the United States and supported by its allies isconsidering placing Pakistan on a watchlist of countries that financiallyaid terrorism.
Adviser to Prime Minister on Finance Dr Miftah Ismail has also reachedParis to attend the meeting. Official sources revealed earlier that Ismailvisited Germany, Netherlands and Belgium last week in an attempt to garnersupport against the US move.
Sources said of the 35 permanent members of the FATF, only China supportsPakistan whereas the rest are likely to fall behind the US resolution.
Pakistan’s international credit rating could suffer a setback as a resultof being placed on the list, as several global financial institutions areinfluenced by the FATF, which includes around 700 members in total,including the United Nations, European Commission, International MonetaryFund and World Bank.
Pakistan has serious concerns regarding the United States’ motion to placethe country on the Financial Action Task Force watchlist: FO
On Feb 16, US State Department spokesperson Heather Nauert said at a pressbriefing that a resolution to place Pakistan on the global terror-financingwatchlist had been submitted to the FATF. The spokesperson elaborated thatthe US had been concerned about Pakistan’s actions for a long time.
Reacting to the US move, the Foreign Office said Pakistan has seriousconcerns regarding the American resolution.
The FATF is an inter-governmental body established in July 1989 by a Groupof Seven (G-7) Summit in Paris. Its objectives are to set standards andpromote effective implementation of legal, regulatory and operationalmeasures for combating money laundering, terrorist financing and otherrelated threats to the integrity of the international financial system.
In collaboration with other international stakeholders, the FATF works toidentify national-level vulnerabilities with the aim of protecting theinternational financial system from misuse, according to the institute’swebsite.
The FATF currently comprises 35 members and two regional organisations,representing most major financial centres in all parts of the globe alongwith observer countries, organisations and associate members.