THE Financial Action Task Force (FATF) has retained Paki stan on its ‘grey list’ for another four months for not fully meeting the requirements agreed under the action plan for plugging loopholes in the counterterrorism financing and antimoney laundering regimes. In a statement, the Paris-based antiterror watchdog said Pakistan has largely addressed 14 of 27 action items, with varying levels of progress made on the rest of the action plan, urging the country to swiftly complete its full action plan by June 2020. There is no doubt that the very grant of another extension for fulfilment of the conditions itself is an acknowledgement of the progress being made by the country in meeting FATF’s requirements. This is particularly important in the backdrop of decision of the Task Force to put Iran into ‘black list’ after it failed to comply with international anti-terrorism financing norms, a move that will deepen the country’s isolation from financial markets. Relevant officials also argue that they avoided falling into the blacklist by making apparent progress, as earlier the country was declared compliant on five points and the recently concluded meeting at Paris endorsed Pakistan’s progress on nine more points so the country was found fully compliant on 14 out of 27 action points. Despite clear progress made by Pakistan, its continuation on the grey-list means the powers concerned are not ready to release the pressure and wants the country to do more. This is despite the fact that the progress made by Pakistan especially in eliminating the threat of terrorism should have been acknowledged in practical sense as its achievements have contributed to the overall regional and global peace and security. Anyhow, if other countries could be fully compliant there is no reason Pakistan should not, and swift progress should be made towards that end by June this year.
