After staying on the “grey list” for not taking prompt action in terms of terror in the world for 2 years, the organization that keeps a check on the global terror funding aspects has decided that Pakistan will continue to remain in it for four more months.
The body’s issued the notice on Friday for Pakistan as it did not comply or meet the necessities required for it to receive unregulated funds from international sources like the World Bank.
According to sources, the Financial Action Task Force (FATF) said Pakistan “needs to do more” as it couldn’t fulfill even 6 of the 27 conditions put forth to be out of the grey list.
NDTV reported sources from the Indian government saying that it believes Pakistan will continue to stay on the grey list for some more time as the nation hasn’t consistently failed to demonstrate the deeds needed to come to the white list. It further said that Pakistan is still housing the globally labeled most-wanted terrorists, including Maulana Masood Azhar and Hafiz Saeed along with being the face of major terrorist groups.
Pakistan was also found guilty of being unable to figure out the ways the terror groups were functioning financially. Four of the nominating countries, the USA, France, UK and Germany did not believe it in its association with Afghanistan which further pushed it into staying in the grey list.
The cash-deficient country needed to be struck off the list for being eligible to borrow funds from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), and the European Union. With this, Pakistan is going to face even more problems to become a developed nation from the developing state.
Due to the coronavirus pandemic, the body’s meeting originally scheduled in the month of June was completed in October that gave Pakistan an extra four months to fulfill the necessary conditions and walk out of the grey list. The global watchdog, in view of the disease, has put a halt in the meantime on all evaluations to be done regarding the financial crimes of the countries of the world, helping Pakistan let out a sigh of relief temporarily.
The nation, presently on the grey list, required the backing of 3 other countries, and China, Malaysia, and Turkey have continued to be the backbone for it. As of now, Iran and North Korea have bagged places in the FATF-formulated blacklist. 12 out of 39 votes are required for Pakistan to shift to the white list.
The FATF had put Pakistan on this list in June 2018 and allotted time till October 2019 to comply with the actions told. However, due to its incompliance with the directives, Pakistan remains on the list.
Established in the year 1989, FATF is a global inter-governmental body organized to battle against terrorist financing, money laundering, and activities related to it which play major roles in destructing the international financial systemic world.
It consists of 39 members with two regional organizations- namely the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.