Financial Action Task Force (FATF) extends ban on Pakistan under the grey list

Pakistan is reeling under yet another shock as the terror-related global watchdog, Financial Action Task Force (FATF) further extended its ban retaining Pakistan under the grey list following its abysmal failure to fulfil all the requirements set by the FATF. 

This has obviously dealt a severe blow to the country's image which already stands badly bruised and battered. Unable to reconcile to this harsh reality, Pakistan has started reacting in panic. Its Minister for Finance and Revenue, Shaukat Tarin, in an interview (March 5) to "Khaleej Times", has described the decision as politically motivated. 

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He also alleged that the said decision was taken under the influence of some powerful nations to pressurise Pakistan over its strategic policy decisions. In the same vein, the Minister claimed that Pakistan having completed twenty-six of the twenty-seven conditions is expected to come out of the list on the next date in June this year.

Meanwhile, Pakistani political leadership has insinuated India's hand for this FATF verdict. However, the financial monitoring outfit has called upon Pakistan to continue to work to address the pending tasks by demonstrating a positive and sustained trend of pursuing complex terror-related investigations and prosecutions. 

Experts in the meantime, assess that in view of Pakistan's inertia, the FATF as the global money laundering and terrorist financing watchdog may keep Pakistan under increased monitoring even beyond on one pretext or the other. Knowledgeable quarters also analyse that Islamabad's growing tilt towards China and recently Russia, is widening the gulf between the country and the West, including the US, allowing India to "influence" FATF decision on Pakistan. 

(Agency report)