Diplomatic tactics required by Pakistan to exit FATF greylist
Included in the FATF grey list in mid last year, Pakistan aims to exit the grey list of the Financial Action Task Force (FATF), the global watchdog on anti-money laundering (AML) and combating financing terror (CFT) through diplomatic tactics.
FATF Plenary and Working Group meeting are scheduled for June 16-21 in Orlando Florida. The meeting is said to be of paramount importance, as this will actually set the stage for Pakistan’s future even though a formal announcement would come out at the next FATF plenary due in Paris in October.
Pakistan has made forceful strides throughout the last two months regarding administrative and observing instrument to meet the FATF prerequisites and its legitimate framework is commonly sufficient, aside from certain corrections to the Anti-Money Laundering Act (AMLA) 2010 pending before the National Assembly’s standing board of trustees on fund and income.
Pakistan made into the greylist after getting less than three votes as its friends had their own political focuses to verify in the worldwide watchdogs. Despite strong propaganda by India, UK, US, and Europe, Turkey proved to be the true friend and stood by Pakistan.
Pakistani appointment headed by the Finance Secretary exhibited a strong case before the Asia Pacific Joint Group (APG) board on the nation’s advancement on the 10-point activity plan submitted with the worldwide watchdog regardless of extreme addressing from certain members. Pakistan has likewise informed the APG in China about its ongoing activities against cash sneaking and restricted associations, fixing of monetary and corporate area frameworks and operational adequacy.
The federal government has taken desperate measures to handle the situation in various sectors. A specialized directorate of Cross Border Currency Movement (CBCM) is also created to maintain a database of currency seizures and suspicious transactions.
Regarding the subject matter, National Accountability Bureau (NAB) Chief Justice (R) Javed Iqbal also vowed to prevent money laundering at all costs to get the country’s name de-listed from the ‘grey list’ of FATF.
Previously, Pakistan requested to remove India from the co-chair of the Joint Group, but the request was rejected. China is set to verify FATF administration one year from now while Saudi Arabia representing the Gulf Cooperation Council is to turn into a full FATF part.