New Delhi: Pakistan and the Financial Action Task Force (FATF): Pakistan may have attempted to deceive the Financial Action Task Force (FATF), a global organisation that keeps track of cases involving the funding of terrorism and money laundering, with its false justifications, but FATF is fully aware of its veracity. The FATF’s Asia-Pacific Group (APF) rated Pakistan’s performance as below average in 10 of 11 areas relating to its efforts to stop money laundering and support for terrorism. Tell us what the main barrier is to Pakistan joining the FATF. You will also be aware of FATF as a result of this. What are the circumstances.
Pro. According to Harsh V Pant, this time, FATF will pay special attention to the strength of the cases that the current government of Pakistan has put together against Hafiz Saeed and other major terrorists, as well as the actual steps that are being done to prosecute them. According to him, Pakistan will have to provide proof of its involvement in money laundering and financing of terrorism. The FATF was extremely explicit the last time that the Pakistani government needed to demonstrate the steps it had taken.
According to Prof. Pant, the talk will not be spoken this time. Although many Pakistani ministers and officials assert that they have taken effective measures to combat the financing of terrorism and money laundering, he stated that this is untrue. The FATF will look into this if the Pakistani government provides proof to back up its assertions. He claimed that no such action, which may show that funding for terrorism has been stopped, has been taken by Pakistani agencies.
He claimed that Masood Azhar, the founder of Jaish-e-Mohammed, and Hafiz Saeed, the leader of Jamaat-ud-Dawa in Pakistan, are also on India’s wanted list. Pakistan hasn’t actually taken any significant action against the terrorists that the UN has outlawed. India has always put pressure on international organisations to take decisive action against the terrorist groups that the UN has blacklisted.
What is gray list and black list
What exactly is the grey list is the question. These nations are included on this list because they may be concealing their involvement in money laundering and terrorism financing schemes. These nations are granted a limited window of opportunity to act. It is watched over. You might refer to it as “Warning with Monitoring” in general. Before receiving loans from any international monetary organisation or government, countries on the grey list must adhere to extremely tight requirements. The majority of institutions are hesitant to make loans. In addition to this, there is a business issue.
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A nation is added to the “black list” when evidence shows that it is facilitating the financing of terrorism and money laundering from within its borders without having any control over these activities. None of the financial agencies—IMF, World Bank, etc.—offer financial assistance. Multinational corporations also stop doing business there in addition to this. The bad list was compiled by rating agencies. The economies of the nations on the black list are on the verge of collapse.
Poor performance by pakistan
The last time a FATF team attempted to assess Pakistan’s compliance with the 34-point action plan created in June 2018 with the FATF at its highest level. The task force discovered that Pakistan has greatly executed all 34 points back in February of this year. However, the task team had already made up its mind to travel there before Pakistan was formally removed from the grey list. Receiving international financial aid will be simpler for Pakistan if it is taken off the grey list.This ranking gauges the effectiveness of a nation’s efforts according to the FATF-APG evaluation framework. The evaluation was conducted based on 11 targets, the primary ones being the fight against money laundering and terrorist funding. According to the APG, Pakistan performed poorly in attaining 10 global objectives, including reducing money laundering and funding for terrorism. It is well known that the latest South Asia Press article revealed Pakistan’s falsification. According to the report, Pakistan was forced to take action against Sajid Mir, the Operation Commander of the terrorist group Lashkar-e-Taiba, who had been declared deceased up until this point, as a result of FATF pressure.