Despite the strong “Indian lobby”, Pakistan hopes that at the next meeting later this month, the monitors of global money laundering activities will not make “politically motivated” decisions and change the country’s name from special Deleted from the gray list of organizations.
Pakistan eagerly hopes to start a four-day virtual conference on virtual operations starting on February 22. This is a Paris-based global money laundering supervisory agency that will decide whether to remove Islamabad from its gray list.
The country has been on the FATF radar since June 2018, when it was placed on its gray list for terrorist financing and money laundering risks after an assessment of the country s financial system and security mechanism. Since then, Pakistan has been escaping the watchdog s financial crime blacklist with the support of Turkey, China, and Malaysia.
In October last year, the 36-nation watchdog said that Pakistan has “successfully complied with 21 out of 27 points of the action plan but decided to keep the country on its gray list until February 2021.”
A recent report by the EU DisinfoLab has exposed a vast network of hundreds of “fake media” outlets serving “Indian interests.”
New Delhi has played its role in pressuring the FATF member states to ensure that Pakistan stayed on the gray list.
The Brussels-based EU DisinfoLab has uncovered a network of 265 coordinated fake local media outlets in 65 countries “serving Indian interests” and “undermining Pakistan,” as well as multiple dubious think tanks and NGOs.
Foreign Minister Shah Mahmood Qureshi told the Senate in a positive manner last week that he expects this decision to be “good for Pakistan”.
Qureshi said they had made “significant progress” on the remaining six points.
In September, the country’s parliament amended 14 laws related to its legal system to comply with FATF’s requirements. At the same time, the country’s parliament has met the requirements of regulatory agencies in 13 other areas.
On January 28, the National Bank of Pakistan also revised some anti-money laundering regulations to comply with the recommendations of regulatory agencies to combat terrorist financing and stop proliferation financing.