FATF game

FATF Game A financial action task force (FATF) is an inter-governmental policy-making body comprised of the 39 members that are core central body having the right to establish international standards for combating money laundering and terrorist financing, over 37 jurisdiction and two regional organizations (the Gulf corporation and the European Commission) and commented to implementing the FATF standard and having their anti-money laundering (AML)/counterterrorist financing system. Core central body of the FATF is comprised of the European, Superpower US power, and other stakeholders are also part of that. Pakistan was put on the grey list in June 2018, urging to implement the 27 point action plan to curb money laundering and terror financing. Meeting held in October 2020, FATF announced that Pakistan is improving but it will remain on the grey list till February 2021 for six out of 27 points unmet action plan targets on anti-money laundering (AML) and combating the financing of terrorism. Pakistan had already compiled a report with the six recommendations and submitted details to FATF secretariats. France as host in FATF recommended Pakistan to remained on the grey list also Europe supported that during the evaluation, the main reason for that was Pakistan PM was not happy with the recent response to the cartoon issue in Islamabad. Moreover, Pakistan had not deputed due to diplomatic and economic relations between the two countries were not up to the mark. The United States also expressed concern over the acquittal of one of the accused in the Daniel Pearl murder case. Pakistan amended the laws of crimes to meet-up the recommendations of the FATF. In 2020, Pakistan Tehreek-i-insaf had got three laws to meet the standard- the Anti-Money Laundering (second amendment) Bill-2020, Anti-Terrorism Act (ATA) (third amendment) Bill-2020, and Islamabad Capital Territory Waqf Properties Bill-2020 which were passed in a joint sitting of parliament to fulfill the legal requirements of FATF. In October the FATF government point man HammadAzhar announced that Pakistan had made progress on the points and will be soon out of the grey list. Pakistan government was confident about the report which they had submitted as they took serious steps to meet recommendation by taking action against the various religious extremist parties and personalities and arrested them and punished them .to meet to money laundering the accounts of the various organizations were closed. Recently on June 25th, 2021 fourth plenary of FATF announced that Pakistan had met the 26 points of the recommendations while still missing one point out of 27, in keeping the view that Pakistan will be retained on the grey list. The announcement of FATF to retained Pakistan on the grey list arose different questions, as it has been seen those countries which are much poor in performance as compared to Pakistan are out of the grey list while Pakistan who met-up according to the standard of almost all of the FATF had been listed on the grey list. Is it a fair evaluation of the FATF? Indeed not, as it had been seen watchdogs especially India who always tried to manipulate the Pakistan image in the world. Being in the voting members also France recently had been remained under conflict with Pakistan which is the core stakeholder of the FATF that will be supported by the Europeans which are also creating a monopoly. The US recently announced to get bases from Pakistan, but it was replied in “NO” by Pakistan foreign minister as well as Pakistan prime minister. FATF which is showing monopoly for Pakistan, had to be fair and transparent as their purpose and agenda is not to show nepotism, all members should fair voting if any country met up according to the standard, they must fairly be treated and given marking according to the evaluation and performance which that country tried to meet the recommendation of the FATF.

Leave a Reply