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Diplomatic efforts falter as FATF places Pakistan on dreaded ‘grey list’
The Financial Assistance Task Force (FATF) announced Wednesday that it had decided to place Pakistan on its dreaded ‘grey list’. The announcement follows a preliminary meeting the financial watchdog held in the French capital, Paris on Wednesday. Reports coming in earlier from Paris had claimed that the FATF would give Pakistan more time to abide […]
The Financial Assistance Task Force (FATF) announced Wednesday that it had decided to place Pakistan on its dreaded ‘grey list’. The announcement follows a preliminary meeting the financial watchdog held in the French capital, Paris on Wednesday.
Reports coming in earlier from Paris had claimed that the FATF would give Pakistan more time to abide by the stipulations of the FATF. Despite these reports, and inspite of Pakistan caretaker finance minister Dr. Shamshad Akhtar’s diligent efforts to convince the FATF to remove Pakistan from the grey list, the watchdog revealed in an announcement late Wednesday night that Pakistan had been added to the grey list.
In February of this year, meanwhile, Pakistan’s foreign office had confirmed that the country would be placed on the grey list if Pakistan failed to curb terror financing.
FO spokesperson Mohammad Faisal, moreover, had claimed that Pakistan was devising a foolproof plan that would ensure Islamabad was complying with the FATF’s demands.
The FATF held a plenary meeting in February to discuss placing Pakistan on the grey list. During the meeting, China, Saudi Arabia and Turkey had opposed the move to place Pakistan on the list.
Later, however, sources claimed that the United States had offered Riyadh full membership of the FATF if it withdrew its support for Pakistan.
As a result, those voting in favour for Pakistan dropped to 2 states from 3–the number required to oppose a move against Pakistan.
