Lagatar24 Desk
New Delhi, Oct 21: The Financial Action Task Force (FATF), a global organisation that monitors the financing of terrorism and money laundering, is set to remove Pakistan off its grey list on Friday, allowing it to try to raise foreign funding to improve its economic plight.
The change occurs more than four years after Pakistan was placed on the FATF’s “grey list” for failing to control the danger of money laundering, which may fund corruption and terrorism.
The FATF discovered Pakistan’s shortcomings in the legal, financial, regulatory, investigation, prosecution, judicial, and non-government sectors to combat money laundering and combat financing of terrorism, which are seen as severe dangers to the global financial system.
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Only a few of the action items given to Pakistan by the FATF in 2018 had yet to be completed as of June, including its failure to take action against terrorists who have been designated by the UN, such as Lashker-e-Taiba (LeT) founder Hafiz Saeed, the group’s operational commander Zakiur Rehman Lakhvi, and Jaish-e-Mohammed (JeM) chief Masood Azhar.
Due to their involvement in multiple terrorist activities, such as the Mumbai terror attacks of 11/26 and the 2019 Pulwama assault, all three are among India’s most wanted terrorists.
For Pakistan to go from the grey list to the white list, 12 votes out of 39 are required. It need the backing of three nations in order to stay off the black list. Malaysia, China, and Turkey have consistently backed it.
Notably, the FATF is an intergovernmental organisation that was created in 1989 to address risks to the integrity of the global financial system, including money laundering, financing of terrorism, and other related issues.
