FATF decision ‘diplomatic victory’ for Pakistan: Azhar | Pakistan Today

FATF decision ‘diplomatic victory’ for Pakistan: Azhar

ISLAMABAD: A day after Financial Action Task Force (FATF) announced to retain Pakistan on its grey list for another four months, Minister for Industries and Production Hammad Azhar on Saturday termed the decision a “diplomatic victory” for the government.

The Paris-based money laundering and terror financing watchdog, while noting Pakistan had fulfilled 21 of the 27 conditions required, gave the country until February 2021 to complete the remaining conditions.

Addressing a press conference via video-link, Marcus Pleyer, FATF president, said once all 27 action points had been completed, the agency would conduct an “on-site visit” before agreeing to whitelist the country.

Azhar, in a tweet, said: “FATF has acknowledged our high-level political commitment and significant progress.”

He observed some circles were propagating “false and baseless information about abstention or negative voting in the meeting”. Clarifying the air, the minister said no voting criteria was applied for the decision.

“Yesterday’s consensus decision without any voting is our diplomatic victory,” he tweeted.

Some Twitter accounts with a large following had claimed Afghanistan, Thailand and India had voted against Pakistan. However, Azhar observed some countries mentioned in the “fake news” were not even members of the terror watchdog.

“Pakistan enjoys broad international support and cooperation on FATF,” he added.

Pakistan was placed on the “increased monitoring list” — more commonly known as the grey-list in June 2018, which identifies countries being monitored for compliance by the agency. The country was due for a review in June but was granted a reprieve because of the COVID-19 pandemic when the body temporarily postponed all mutual evaluations and follow-up deadlines.

The grey list countries which are not taking measures to combat terror funding and money-laundering. Placement on the list serves as a warning that if action is not taken, it risks blacklisting, which can lead to economic sanctions and bars on loan facilities.

Once a country is placed on the grey-list, it is directly scrutinised by the FATF until measures taken to curb terror financing and money laundering have been achieved. Countries on the blacklist have significant strategic deficiencies in their regimes to counter money-laundering, terrorist financing, and financing of proliferation.

One Comment;

  1. sheep head said:

    Other wise if voting takes place Pakistan would have been standing naked nanga except Turkeys small palm to cover Pakis ijjat at international show down 1

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