• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Friday, August 19, 2022
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium
TFIGlobal
TFIGlobal
No Result
View All Result

FATF deals another blow to Pakistan

Amit Agrahari by Amit Agrahari
January 6, 2019
in Geopolitics, Indian Subcontinent
Reading Time: 2 mins read
0
Pakistan, fatf

(PC: Bloomberg)

394
VIEWS
Share on FacebookShare on Twitter

It seems that Pakistan’s bad days are here to stay. In the latest blow by the Global Money Laundering & Terrorist Financing Threat Assessment organization, Pakistan has been formally placed in the strategic deficiencies of The Financial Action Task Force (FATF). The organization has put another 10 countries –Sri Lanka, Bahamas, Botswana, Ethiopia, Ghana, Serbia, Syria, Trinidad and Tobago, Tunisia and Yemen among the jurisdictions having strategic deficiencies in combating terror financing and anti-money laundering. The news was confirmed by a statement from Reserve Bank of India. “FATF has also called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdiction of Democratic People’s Republic of Korea (DPRK),” included the RBI statement.

FATF is an intergovernmental organization founded in 1989 by G7 (a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) to develop policies to combat money laundering, and in 2001 its mandate expanded to include terrorism financing. “In June 2018, Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies. Pakistan will work to implement its action plan to accomplish various objectives. These include demonstrating that terror financing risks are properly identified, assessed, and that supervision is applied on a risk-sensitive basis, remedial actions and sanctions are applied in cases of AML/CFT violations, and that these actions have an effect on AML/CFT compliance by financial institutions,” said FATF on Pakistan.

Also Read

Bankrupt Chinese companies now want other nations to rescue China’s BRI

BRICS could be the most important grouping but there is one big hindrance

In June 2018, FATF formally placed Pakistan in ‘grey list’. The FATF prepares two lists, the ‘blacklist’ and ‘Grey list’. If a country is included in the blacklist then it has to face international sanctions, although the actions against a grey list country are minimal. The chances of being included in the blacklist were looming over Pakistan and the country was so scared that it sent interim finance minister Dr. Shamshad Akhtar to Paris where the FATF was to decide whether the country should be placed on the blacklist of countries that financially aid terrorism. The delegation sent to defend the country included officials from the Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Finance Ministry and the Financial Monitoring Unit (FMU).

Pakistan needs to understand that if they do not take prompt action against terrorism on their soil, they will be included in the blacklist and suffer further economic sanctions. Now, Pakistan stands in the league of countries like the Bahamas, Botswana, Ethiopia, Ghana, Serbia, Syria, Trinidad and Tobago, Tunisia and Yemen which are considered by and large ‘failed states’ by the international community. The country should curb its terrorist activities or risk serious fallout on the Pakistani economy.

If a country is included in the FATF blacklist or grey list, its overall investment position goes down. The countries which are included in blacklist are not allowed to issue government bonds through which the government of a country borrows from the international market.

Tags: PakistanTerror financing
Share849TweetSend
Previous Post

Donald Trump signs legislation to enhance Indo-Pacific partnership

Next Post

China set to sinicize Islam, passes law to make it compatible with socialism

Also Read

Trudeau, Canada, foreign investors

Foreign investors want Harper back as they start fleeing Trudeau’s Canada

August 18, 2022
Germany has its lusty eyes set on Polish territories

Germany has its lusty eyes set on Polish territories

August 18, 2022
Russia’s 10 children policy is a game-changer for its economy and military

Russia’s 10 children policy is a game-changer for its economy and military

August 18, 2022
Sinking approval rating forces Jacinda Ardern to don an anti-China cloak

Sinking approval rating forces Jacinda Ardern to don an anti-China cloak

August 18, 2022
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
UK power

UK is doomed, and Belgium is making fortunes out of it

July 29, 2022
Iraq kicks out China’s biggest energy company

Iraq kicks out China’s biggest energy company

August 12, 2022
South Korea obliterates China’s biggest economic weapon

South Korea obliterates China’s biggest economic weapon

July 23, 2022
Russia crashes West’s chip infrastructure by turning off Helium and Neon supplies

Russia crashes West’s chip infrastructure by turning off Helium and Neon supplies

June 3, 2022
China gets kicked out of Mexico’s $10 billion train project

China gets kicked out of Mexico’s $10 billion train project

June 2, 2022
church, trudeau

A deserted church in Ottawa has scared the living daylights out of Trudeau

August 18, 2022
The new Kenyan President is set to snatch Mombasa and other dreams from Xi Jinping

The new Kenyan President is set to snatch Mombasa and other dreams from Xi Jinping

August 18, 2022
Trudeau Matters But Revenue Matters More: CTV Fires op Trudeau-Loving Journalist

Trudeau Matters But Revenue Matters More: CTV Fires op Trudeau-Loving Journalist

August 18, 2022
Liz Truss’s one statement that could make Sunak the next PM of UK

Liz Truss’s one statement that could make Sunak the next PM of UK

August 18, 2022
Putin is going to unleash his Belarus Module on Ukraine’s Independence Day

Putin is going to unleash his Belarus Module on Ukraine’s Independence Day

August 18, 2022
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2022 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium

©2022 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.