ISLAMABAD: Pakistan was expecting a good news from Financial Action Task Force (FATF) in June this year, but its hopes dashed down when it received a disappointing message to stay in grey list at least till next meeting expected in September 2021.
“You have done a good job by seriously implementing 26 of 27 points given for improvement, but it’s not enough on your part to get out of grey list. FATF said on the conclusion of its June 2021 session.
Pakistan had taken FATF targets of improving in many areas which was a difficult task as improvement in some of the listed areas was really difficult.
Since Pakistan feel it was now high time to remove bad patches staining its image, besides hampering it’s efforts in promotion of its image of a responsible state and keeping in mind this commitment it’s doing every possible effort to meet FATF targets.
It showed extraordinary performance on FATF raised issues during the last one and half years and its authorities feel the need to do even better to move forward on remaining one issue of money laundering and terror financing.
The money laundering and terror financing had been a neglected area and it resulted in making Pakistan a heaven for these types of illegal activities. This has proven like a double edge sword for Pakistan.
Firstly, unchecked money laundering and terror financing gave birth to widespread corruption in Pakistan, besides creating a culture of plundering of the national resources by those who were in power. Secondly, these illegal activities tarnished Pakistan’s image internationally.
Pakistan was expecting some good news from FATF at the end of June session as it had met almost all except one targets given by the task force. its high ranking officials including Foreign minister, Shah Mahmood Qureshi and Finance minister, Shuakat Tarin, had built -up the masses hopes through their statements wherein they hinted at Pakistan’s exit from FATF grey list in June.
Pakistan is the worst victim of money laundering and terror financing. Its elite, in particular, the rulers took maximum benefit of non- existence of a strongly vigilance system to check money laundering and terror financing and plundered its national resources at will and transferred looted money out of Pakistan in last one decade or so.
The known corrupt ruling elite also promoted a culture of uncontrollable corruption at every level in Pakistan to justify their money making spree. The approach of looting and let others loot strengthened them politically to keep ruling and keep plundering national resources at the same time.
Interestingly, FATF screwed up Pakistan on serious allegations of money laundering and terror financing but it simply ignored plundering of the ruling elite of the country. Its many looters are enjoying ostenstive life style in United Kingdom and many other European countries but FATF never questioned their dirty role.
A large majority of Pakistan doubts the role of FATF and considers it a tool meant to pressurise Pakistan to force it to accept demands of some countries against its interests.
Nazir Jillani a retired Pakistan Air Force (PAF) officer, also questions FATF role. He strongly believes the task force was acting like a tool to look after benefit of Europe and US through its role of a watchdog.
Commenting on FATF decision of keeping Pakistan in grey list for another period, Nazir Jillani, said “Does it make some sense to keep Pakistan in grey list when it has already done 26 of 27 points and given an assurance to do the remaining one point on top priority basis”.
He strongly believes FATF was intentionally creating problems for Pakistan by keeping it in grey list to damage it financially and force it to become subservient to some its desired countries.