U.S. effort to put Pakistan on FATF watchlist failed
U.S. effort to put Pakistan on FATF watchlist failed
Governance & Politics
21 February, 2018, 05:34
A US-sponsored resolution to the FATF to consider placing Pakistan on the watchlist of countries that financially aid terrorism remained inconclusive after the meeting here concluded on "no consensus", the country's foreign minister said. Expressing gratitude at the decision, Asif said "our efforts paid [off]" and the convening states agreed to "proposing 3 months pause and asking APG for another report to be considered in June".
Asif, who is now on a visit to Russian Federation, tweeted late on Tuesday that Pakistan's "efforts have paid (off)" during a February 20 meeting on the US-led motion, suggesting there was "no consensus for nominating Pakistan". "Grateful to friends who helped", the minister added.
Of the FATF's 35 permanent members, only China supported Pakistan, while the rest were likely to fall behind the USA resolution, the sources said.
Reacting to the United States move, the Foreign Office said Pakistan has serious concerns regarding the American resolution.
Ahead of the Paris meeting, Pakistan called the USA move "politically motivated" with an aim to undermine the country's economic growth.
Sources said that of the 35 permanent members of the Financial Action Task Force, only China supports Pakistan whereas the rest are likely to fall behind the United States resolution.
"We are now working with the U.S., UK, Germany, and France for the nomination to be withdrawn", Ismail told Reuters.
Pakistan was added to the FATF watchlist from 2012 to 2015, notes Reuters.
She elaborated that the U.S. had been concerned about Pakistan's actions for a long time. Not only the cost of doing business would have increased, but the foreign investment could have dried up as well, worsening the country's macroeconomic position which is already under pressure due to a widening trade deficit and falling foreign exchange reserves.
If the FATF adopts the resolution, Pakistan could once again be placed on the grey list of countries with deficient anti-money laundering regimes.
Adviser to Prime Minister on Finance Dr Miftah Ismail has been in Paris to plead Pakistan's case at the ongoing session.
At present, the 11 jurisdictions are on the high risk and monitoring list of the FATF, which include North Korea, Iran, Iraq, Syria, Yemen and Ethiopia.
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