PARIS: The Financial Action Task Force (FATF), a globalanti-money-laundering watchdog, six days meeting begins today (Sunday) inParis to review proposals including putting Pakistan on the terrorfinancing list.
The FATF is an intergovernmental organization which was founded in 1989with the aim to maintain grey and black lists for identifying countries,which are failed to take appropriated steps to control money-laundering andterror financing.
The FATF announced on Saturday that meeting will be held from Feb 18 to 23in which over 700 delegates from the FATF global network, as well as theUnited Nations, International Monetary Fund, World Bank and otherpartners, will attend the meetings.
The United States and its allies trying to put Pakistan on the FinancialAction Task Force’s (FATF) money-laundering and terror-financing watchlistand forward a motion in this regard.
The US and its allies including UK, France and Germany blamed Pakistan fornon-compliance with measures to eliminate terror financing and want to putPakistan on the grey list.
Federal Minister Miftah Ismail hoped that Pakistan will not be put on thewatchlist whether the US did not take back the motion. Earlier, Pakistanwas put on the grey list of FATF in February 2012 and its name was removedafter three years.
According to the financial experts, the FATF cannot impose the sanction onany country despite adopting the motion, but the nomination of a countrycan affect its international transactions. Placement of a country on thegrey list will hike cost doing business locally as this move will increasethe cost of making international transactions.
While talking to International media outlet a senior US official told thatthe purpose of the motion was to urge Pakistan for taking action againstterrorists without any discrimination.
Since unveiling the South Asia strategy, US President Donald Trump isramping up the pressure on Pakistan to curb alleged safe havens on itsground, besides urging him to take action against Haqqani Network.