Featured FATF to Decide on Pakistan’s Greylist Status This Month

[Morpheus]

FATF to Decide on Pakistan’s Greylist Status This Month

Posted 38 mins ago by Haroon Hayder

The Financial Action Task Force (FATF) will decide whether to remove Pakistan from its ‘grey list’ or move it to its ‘blacklist’ in a virtual meeting of the global financial watchdog scheduled from 21 to 23 October.
According to details, the FATF plenary will make the decision based on Pakistan’s compliance with the 27-point action plan against money laundering and terror financing (ML&TF).

The FATF session was originally scheduled in June. However, it was postponed due to the Coronavirus pandemic.
Earlier this year in February, the FATF had urged Pakistan to complete the 27-point action plan by June. In case of failure, the FATF had warned to move Pakistan to its black list.

​

Moreover, it also gave a four-month grace (March-June) period to Pakistan to completely implement its 27-point ML&TF action plan, noting that the country had achieved only 14 targets.
In June, the Paris-based agency had decided to postpone all evaluations and follow-up deadlines as a result of the COVID-19 pandemic, thus giving additional four months (July-October) to Pakistan to complete the MT&TF action plan.
By mid-September, the federal government had amended 15 laws to reconcile Pakistan’s legal system with international standards as required by the FATF.

Recently, the federal government furnished the compliance report on the 13 outstanding action points to FATF, which will be reviewed in the virtual plenary scheduled later this month.
In June 2018, the FATF had placed Pakistan on its grey list due to strategic shortcomings in its ML&TF regime after strong lobbying from India supported by the US, the UK, and the European Union (EU).
After Pakistan’s placement on FATF’s grey list, the Pakistani government had committed to a 27-point action plan to remove deficiencies from its ML&TF regime.

FATF to Decide on Pakistan's Greylist Status This Month

The Financial Action Task Force (FATF) will decide whether to remove Pakistan from its ‘grey list’ or move it to

propakistani.pk

------

 

[Pandora]

Dont think we will be out of grey list yet but we don't have to worry about getting blacklisted anymore. US and its cronies will keep us in grey list to put pressure on us when required.

 

[Fawadqasim1]

Dont think we will be out of grey list yet but we don't have to worry about getting blacklisted anymore. US and its cronies will keep us in grey list to put pressure on us when required.

Absolutely

 

[arjunk]

Indian media later this month:

 

[rent4country]

Dont think we will be out of grey list yet but we don't have to worry about getting blacklisted anymore. US and its cronies will keep us in grey list to put pressure on us when required.

Why do you blame us for actions your government needs to change to quit allowing these organizations to have internal support. What does accountability mean to you?

 

[Pandora]

Why do you blame us for actions your government needs to change to quit allowing these organizations to have internal support. What does accountability mean to you?

Why Pakistan is being forced to adopt business restrictive changes which are not even adopted by US and its cronies themselves. From the day one this has been politically motivated to hinder CPEC progress and to force us into Afghan peace process facilitation. If you want to start accountability start from your own house where you house money launderers and terror financers from all around the globe. The best recent example is Nawaz Choar Sharief who has well documented money laundering charges and even links to some some hardline extremist sects. UK govt refused to even hand him arrest warrants. Altaf Hussain a known terrorist whose organization laundered extortion money out of Pakistan lived his entire life in UK. Despite some well documented evidence in the end on thing they charged him with is non payment of tax (What a fucking joke). In reality you people have no desire to stop money laundering as long as money is flowing into your country. You get a massive bug up your arse when someone tries to launder money into poor states. Get your own fucking priorities straight first.

 

[SuvarnaTeja]

China, Turkiye & Malaysia will support Pakistan.

 

[N.Siddiqui]

This is getting boring now...going on for the last 3 years.

FATF is all politically motivated, why can't they do something for the tax heavens like Malta, Virgin Islands, Mauritius, many more and England, western countries too for money laundering.

Anyways this has been a blessing for Pakistan...challenge turning into an opportunity.

 

[rent4country]

Why Pakistan is being forced to adopt business restrictive changes which are not even adopted by US and its cronies themselves. From the day one this has been politically motivated to hinder CPEC progress and to force us into Afghan peace process facilitation. If you want to start accountability start from your own house where you house money launderers and terror financers from all around the globe. The best recent example is Nawaz Choar Sharief who has well documented money laundering charges and even links to some some hardline extremist sects. UK govt refused to even hand him arrest warrants. Altaf Hussain a known terrorist whose organization laundered extortion money out of Pakistan lived his entire life in UK. Despite some well documented evidence in the end on thing they charged him with is non payment of tax (What a fucking joke). In reality you people have no desire to stop money laundering as long as money is flowing into your country. You get a massive bug up your arse when someone tries to launder money into poor states. Get your own fucking priorities straight first.

• FATF has nothing to do with the US doing this to you.
• It has 39 member countries; the country in-charge of this body is China.
• The rules have been in place for decades before CPEC came to be.
• There are other countries on that list.
• All countries know exactly what they need to do to get off it.
• The decisions to list a country on grey or blacklist is passed by an overwhelming majority consensus, and it allows for 3 countries at minimum to dissent to stop the process.

Everything else you wrote is truly immaterial to this process.

 

[Pandora]

• FATF has nothing to do with the US doing this to you.
• It has 39 member countries; the country in-charge of this body is China.
• The rules have been in place for decades before CPEC came to be.
• There are other countries on that list.
• All countries know exactly what they need to do to get off it.
• The decisions to list a country on grey or blacklist is passed by an overwhelming majority consensus, and it allows for 3 countries at minimum to dissent to stop the process.

Everything else you wrote is truly immaterial to this process.

1-
https://www.reuters.com/article/us-pakistan-militants-financing-exclusiv-idUSKCN1FX2EV
This entire façade was initiated by US
2-
China voted in favor of Pakistan in every voting. Being chair has very little bearing on workings of FATF.
3-
Rules have been in place but only target countries who are at odds with US while US itself doesn't adopt same guideline.
4- All other countries are those who are not pro US
5- Entire practice hinders business activities. It has become a night mare to open a new bank account in Pakistan. Dependents are often refused bank account merely bcz they are not working. Opening a foreign currency account is almost impossible.
6- Majority of countries in FATF are pro US and push their agenda. US tried its best to put us in black list and only reason they failed is bcz Turkey Malaysia and China voted against it. US moves were voted down 4 times.

Every thing i wrote are cold hard facts. As a matter of fact US and its cronies are biggest hubs of money laundering.

 

[rent4country]

1-
https://www.reuters.com/article/us-pakistan-militants-financing-exclusiv-idUSKCN1FX2EV
This entire façade was initiated by US
2-
China voted in favor of Pakistan in every voting. Being chair has very little bearing on workings of FATF.
3-
Rules have been in place but only target countries who are at odds with US while US itself doesn't adopt same guideline.
4- All other countries are those who are not pro US
5- Entire practice hinders business activities. It has become a night mare to open a new bank account in Pakistan. Dependents are often refused bank account merely bcz they are not working. Opening a foreign currency account is almost impossible.
6- Majority of countries in FATF are pro US and push their agenda. US tried its best to put us in black list and only reason they failed is bcz Turkey Malaysia and China voted against it.

China voted to continue to put you into a grey list in 2018 and if you think it's all a hoax and you have not done anything for the majority countries to vote against you - Then I would continue as a business as usual.

It's a strange argument to say everyone is in on a conspiracy, and yet your government agrees that they have the very problems being pointed, at the same time.

 

[Pandora]

China voted to continue to put you into a grey list in 2018 and if you think it's all a hoax and you have not done anything for the majority countries to vote against you= then I would continue as a business as usual.

It's a strange argument to say everyone is in on a conspiracy, and yet your government agrees that they have the very problems being pointed, at the same time.

China voted to keep Pakistan in Grey list. To vote country out of it separate voting is required and considering it needs only 3 votes to turn down any move entire ball game is in the hands of US and its lackeys.
Govt has no choice but to implement it but as a matter of fact these laws will kill our economy as most of our economy is undocumented. We all know how US has a habit of arm twisting other Nations into submission and if that fails there is always invasion based on flimsy evidence of some fake WMD or chemical weapons. i highly doubt that FATF guidelines will result in any slow down in money laundering but it will definitely kill our economy in the long run.

 

[rent4country]

China voted to keep Pakistan in Grey list. To vote country out of it separate voting is required and considering it needs only 3 votes to turn down any move entire ball game is in the hands of US and its lackeys.
Govt has no choice but to implement it but as a matter of fact these laws will kill our economy as most of our economy is undocumented. We all know how US has a habit of arm twisting other Nations into submission and if that fails there is always invasion based on flimsy evidence of some fake WMD or chemical weapons. i highly doubt that FATF guidelines will result in any slow down in money laundering but it will definitely kill our economy in the long run.

In 2018 China formally objected to keeping you on the grey list. They removed that objection 48hrs before the vote. Separately, this is also the same China that also removed their long objection/blocking to listing two Pakistani terrorist groups as a UNSC designated terrorist groups if you remember.

Money laundering hurts your economy, not the other way around. There is a difference between the informal part of an economy versus laundering money. Informal transactions are mostly small amounts of money exchanging hands, albeit numerically many transactions taking place—street vendors, small businesses, etc.

In your case, the problem is specific to terrorist groups laundering money. FATF is all about terror financing and not about banking protocols to avoid non-terror related laundering and financial transactions.

Anyways, I'm done. I can't honestly discuss a topic where you've made your mind that everyone is on a conspiracy. I'm bowing out.

 

[Protest_again]

China voted to keep Pakistan in Grey list. To vote country out of it separate voting is required and considering it needs only 3 votes to turn down any move entire ball game is in the hands of US and its lackeys.
Govt has no choice but to implement it but as a matter of fact these laws will kill our economy as most of our economy is undocumented. We all know how US has a habit of arm twisting other Nations into submission and if that fails there is always invasion based on flimsy evidence of some fake WMD or chemical weapons. i highly doubt that FATF guidelines will result in any slow down in money laundering but it will definitely kill our economy in the long run.

I think to come out of grey list you need support of 14 countries. You should ask China to influence some 11 other countries to help you. Only 3 countries support is required to keep you off the blacklist.

 

[cloud4000]

Pakistan will never get on the blacklist no matter what India tries. China has too much invested in Pakistan to let it get on the blacklist.