ISLAMABAD: The Financial Action Task Force (FATF) seems a little bit convinced by Pakistani stance on measures taken against terror financing and related issues. However, in result of ongoing meeting in Paris, the upcoming government will pay serious attention to the observations of the FATF.
Pakistan in a meeting underway in Paris is trying to convince the FATF on measures taken against terror financing and related issues. The Pakistani team is facing a lot of pressure and problems in justifying a large number of issues raised by FATF members in the discussions.
A source at Finance Ministry told Customs Today that the caretaker Finance Minister, Dr Shamshad Akhtar, is leading Pakistani delegation at FATF Paris moot.
Last month, eight-member Pakistani delegation comprising investigation agencies and others presented a report comprising actions taken against terror financing before FATF Asia Pacific group in Bangkok and that report was under discussion at FATF in Paris. But the source said that the caretaker government has changed the members of the delegation in a bid to avert further downgrading of Pakistan ranking or checking Pakistani placement at ‘Grey List’.
FATF has expressed a little bit satisfaction over Pakistani measures; however, the source said that blocking Pakistan’s further downgrading of ranking was a real test for Dr Shamshad Akhtar who had been very much privy to the issues under discussion at the Paris meeting. The source said that previous democratic government made almost all efforts to plead Pakistani case; however, the international community was convinced that issue of terror financing is out of jurisdiction of civilian government.
To a question about possible consequences for Pakistan of downgraded rank by FATF, the source said that once Pakistan would down-graded all the banks of Europe would have to blacklist Pakistan; consequently all the major countries would have to comply with the decision of FATF because FATF was an organization of United Nations. Downgrading will directly affect Pakistani economy and earn international isolation of Pakistan.
Therefore Pakistan will have to avert this downgrading at almost all costs. The source said that in this regard, Pakistan would have also fight off Indian hostile campaign because Indian lobbyists don’t spare any moment to malign Pakistan at international forums.
