Editorial in Dawn
THE decision taken by the Financial Action Task Force to keep Pakistan on the grey list until June, despite the country making significant progress on the recommended actions, has disappointed many. There are examples where other nations were taken off the list of countries under enhanced monitoring by the global watchdog although they did far less than Islamabad which worked hard to tighten its anti-terror-financing and money-laundering controls over the last two years.
Pakistan has complied with 24 out of the 27 actions suggested by the FATF. One hopes that it acts vigorously in the remaining areas to be taken off the grey list soon. The FATF announcement that Pakistan has made “significant progress” even if some “serious deficiencies” remain in the mechanisms to eliminate terror financing, and the government’s view that the country would not be put on the blacklist again, has been a ray of hope for all concerned.
At the same time, the FATF decision should jolt the authorities out of their complacency. There is no option but to work quickly and show progress on the rest of the FATF action plan. Even though doing so will not be easy for the state, it is clear that unlike previously, the world wants complete compliance with the global body’s exacting standards this time around. The FATF president’s statement that the watchdog will verify the completed actions and members of the task force would vote (to remove Pakistan from the list of countries on the grey list) “as soon as they improve their investigations and prosecutions of all groups and entities financing terrorists and their associates and show [that] penalties by courts are effective” underlines this new reality.
It goes without saying that complete compliance will bring its own dividends for the economy. The increasing inflow of remittances through legal channels is only one of the many economic benefits that Pakistan stands to reap from adopting global standards on illicit financing.
Last but not the least, the battle to stay out of the grey list in future will not end once Pakistan is taken off it. There is bound to be a tough struggle for a much longer time until the world learns to look upon this country as a responsible and trustworthy partner in the international fight against terrorism. The end of the endeavour to get off this list is in sight and the country must leave no stone unturned to reach its goal.https://www.dawn.com/news/1609890/fatf-decision
Edit in The Express Tribune: no exit yet
Even though the FATF has retained Pakistan on its grey-list, it has also noted that the country has made significant progress on its recommendations concerning terror financing and money-laundering. That Pakistan has now only to comply with three of the 27 points of the FATF action plan means that it is inching closer towards an exit. At the end of the four-day virtual meeting of the anti-terror financing watchdog on Thursday, Pakistan failed to get the green light from member states. However, the meeting did appreciate the country’s continued political commitment which has led to a significant progress in combating terror financing and money-laundering. Thus, a fourth and perhaps a final extension has now been granted. Time is of the essence “as all action plan deadlines have expired” and compliance needs to be ensured before June 2021.
Pakistan has been in the FATF clutches since 2008 and has paid a significant economic price. Therefore, the faster the country is out of this fix, the better. While diligent efforts have been made by concerned authorities up till now, the remaining action plans which are all related to terror financing need to be strategically addressed since FATF has time and again urged Islamabad to “demonstrate” implementation at the ground-level through results and prosecutions.
The resilience and consciousness of authorities regarding the matter indicate that Pakistan will soon be able to free itself from the shackles of the grey-list. However, it should not be underscored that even after Pakistan completes implementation on the whole action, the FATF will verify if the measures are sustainable for long-term. This means that Pakistan will need to ensure accountability and transparency by strengthening the concerned laws, systems and institutions while at the same time resolving previous pending issues related to terror financing. Bold moves will need to be made in order to prove Pakistan’s sustainable commitment.https://tribune.com.pk/story/2286620/fatf-grey-list-no-exit-yet
FATF decision: edits, February 28th, 2021
Editorial in Dawn
THE decision taken by the Financial Action Task Force to keep Pakistan on the grey list until June, despite the country making significant progress on the recommended actions, has disappointed many. There are examples where other nations were taken off the list of countries under enhanced monitoring by the global watchdog although they did far less than Islamabad which worked hard to tighten its anti-terror-financing and money-laundering controls over the last two years.
Pakistan has complied with 24 out of the 27 actions suggested by the FATF. One hopes that it acts vigorously in the remaining areas to be taken off the grey list soon. The FATF announcement that Pakistan has made “significant progress” even if some “serious deficiencies” remain in the mechanisms to eliminate terror financing, and the government’s view that the country would not be put on the blacklist again, has been a ray of hope for all concerned.
At the same time, the FATF decision should jolt the authorities out of their complacency. There is no option but to work quickly and show progress on the rest of the FATF action plan. Even though doing so will not be easy for the state, it is clear that unlike previously, the world wants complete compliance with the global body’s exacting standards this time around. The FATF president’s statement that the watchdog will verify the completed actions and members of the task force would vote (to remove Pakistan from the list of countries on the grey list) “as soon as they improve their investigations and prosecutions of all groups and entities financing terrorists and their associates and show [that] penalties by courts are effective” underlines this new reality.
It goes without saying that complete compliance will bring its own dividends for the economy. The increasing inflow of remittances through legal channels is only one of the many economic benefits that Pakistan stands to reap from adopting global standards on illicit financing.
Last but not the least, the battle to stay out of the grey list in future will not end once Pakistan is taken off it. There is bound to be a tough struggle for a much longer time until the world learns to look upon this country as a responsible and trustworthy partner in the international fight against terrorism. The end of the endeavour to get off this list is in sight and the country must leave no stone unturned to reach its goal.https://www.dawn.com/news/1609890/fatf-decision
Edit in The Express Tribune: no exit yet
Even though the FATF has retained Pakistan on its grey-list, it has also noted that the country has made significant progress on its recommendations concerning terror financing and money-laundering. That Pakistan has now only to comply with three of the 27 points of the FATF action plan means that it is inching closer towards an exit. At the end of the four-day virtual meeting of the anti-terror financing watchdog on Thursday, Pakistan failed to get the green light from member states. However, the meeting did appreciate the country’s continued political commitment which has led to a significant progress in combating terror financing and money-laundering. Thus, a fourth and perhaps a final extension has now been granted. Time is of the essence “as all action plan deadlines have expired” and compliance needs to be ensured before June 2021.
Pakistan has been in the FATF clutches since 2008 and has paid a significant economic price. Therefore, the faster the country is out of this fix, the better. While diligent efforts have been made by concerned authorities up till now, the remaining action plans which are all related to terror financing need to be strategically addressed since FATF has time and again urged Islamabad to “demonstrate” implementation at the ground-level through results and prosecutions.
The resilience and consciousness of authorities regarding the matter indicate that Pakistan will soon be able to free itself from the shackles of the grey-list. However, it should not be underscored that even after Pakistan completes implementation on the whole action, the FATF will verify if the measures are sustainable for long-term. This means that Pakistan will need to ensure accountability and transparency by strengthening the concerned laws, systems and institutions while at the same time resolving previous pending issues related to terror financing. Bold moves will need to be made in order to prove Pakistan’s sustainable commitment.https://tribune.com.pk/story/2286620/fatf-grey-list-no-exit-yet
Published in Pak Media comment