To avoid FATF black list, Pak banks on 3 nations
NEWDELHI:PAKISTAN is looking for support from China, Malaysia and Turkey to prevent it from being placed in the “black list” of the Financial Action Task Force (FATF) at the conclusion of crucial meetings of the multilateral watchdog in Paris this week, people familiar with developments said.
Representatives from 205 countries and jurisdictions around the world and organisations such as the IMF, UN and World Bank began a series of meetings as part of the FATF Week in Paris on Sunday. The six days of meetings will focus on disrupting finances for crime and terrorism, and will conclude with the three-day plenary, the first under the Chinese presidency of Xiangmin Liu.
One of the key outcomes of the plenary meeting will be a decision on whether to include Pakistan on the FATF’S public statement of high risk jurisdictions, often referred to as the “black list”, after assessing its efforts to combat money laundering and terror financing, people familiar with developments said.
A Pakistani delegation led by economics affairs minister Hammad Azhar is in Paris to present the country’s compliance report on the FATF’S action plan to counter terror financing. Pakistan was placed in the “grey list” last year and asked to implement the action plan to curb the raising and movement of funds by groups such as Lashkar-e-taiba (LET), Jaish-e-mohammed (JEM), Taliban, al-qaeda and Haqqani Network.
Pakistan needs a minimum of three votes from among the FATF’S 39 members - including 37 countries, the GCC and the European Commission - to avoid the black list. China, Malaysia and Turkey have reportedly assured Pakistan of their support at the FATF plenary, the people cited above said.
Pakistan has been accusing India of hatching a conspiracy to put the country on the “black list” but a report made public this month by the Asia Pacific Group (APG), a regional body that monitors compliance with the FATF’S terror financing standards, said Islamabad is fully compliant with only one of 40 recommendations made by the watchdog.
The APG’S “mutual evaluation report” said Pakistan should make “fundamental improvements” in investigating and prosecuting cases related to raising and the use of funds by LET, JEM, Jamaat-ud-dawah, Falah-e-insaniyat Foundation, al-qaeda, Islamic State, Taliban and Haqqani Network.