Islamabad:
Pakistan’s Prime Minister Imran Khan’s troubles are not going away. Anxious Pakistan will have to wait even longer to get out of the Financial Action Task Force (FATF) gray list. It is believed that Pakistan will be placed on the gray list by April next year.
Significantly, the FATF meeting which started on Tuesday will continue till Thursday. India is also keeping an eye on this meeting. After all, what is a gray list? Why is Pakistan anxious to get out of this list?
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Another chance for Pakistan to take action against terrorists
The next meeting of FATF will be in April 2022. This clearly means that Pakistan will have to wait at least six months to come out of this gray list.
However, it was a matter of relief for Pakistan that the FATF had not blacklisted it. That is, the FATF is giving Pakistan another chance to take action against terrorist groups operating from its territory. This is a clear message to the Imran Khan government that in the meantime it must prove that it will take concrete action against the terrorists.
If Pak did not show any difference in words and deeds, then in 2022 the country may be included in the FATF black list. If that happens then there will be a big crisis for Pakistan.
Pakistan is not fulfilling FATF conditions
FATF had included Pakistan in the gray list in June 2018. Pakistan was asked to implement an action plan. In this action plan, Pakistan has fulfilled 26 out of 28 conditions, but it could not fulfill the remaining two conditions.
The important thing is that these two conditions are very important. Due to this, he is not able to get any loan from IMF, World Bank, Asian Development Bank and European Union. The Imran government wants to come out of this gray list with the help of China, Turkey and Malaysia, but India is not ahead of these countries ahead of the US and France.
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FATF gray list and Pakistan
India has been saying that Pakistan has been helping terrorist groups. Pakistan was first exposed to the world in 2008 when it joined the gray list. However, Pakistan had come out of this list in the year 2009 but continued to help the terrorists. As a result, the FATF had included Pakistan in the gray list again in 2012.
After throwing dust in FATF’s eyes, he came out again in 2016. Two years later, in 2018, he joined the gray list again and since then he is desperate to get out of this list. He is constantly providing financial help to terrorist organizations.
What is FATF gray list?
The FATF’s gray list includes countries suspected of being involved or ignored in terror financing and money laundering. The countries on the gray list are given a conditional respite to take action. The FATF monitors it. If these countries show improvement, they are excluded from this list. The biggest problem for the countries included in this list is borrowing. The countries on the gray list have to meet very strict conditions before taking a loan from any international monetary body or any country. Most of the institutions are reluctant to give loans to the countries included in the gray list. The international trade of the aforesaid countries is also affected.
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What is FATF black list?
In FATF, when it is proved that a country is not capable of curbing terror financing and money laundering, it is blacklisted. The consequences are far more dangerous than the gray list.
Neither the IMF, the World Bank nor any other financial body provides financial assistance to the blacklisted countries. Multinational companies from the countries included in the black list do business. Rating agencies put in the negative list. Overall, the economies of the countries on the blacklist are on the verge of collapse.
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