Pakistan has taken a giant step forward in terms of the anti-money laundering watchdog standard. Islamabad has been steadfast in its determination to curb terror financing and illicit money flows.
The Financial Action Task Force, based in Paris, has now formally recognised this achievement (FATF). The task force verified that Pakistan had technically exited the grey-list it had been on since June 2008 during its plenary session in Berlin over the weekend, and that an official announcement will be made after an on-site inspection in October.
This wonderful news was enthusiastically received by Pakistanis from all walks of life, and the military leadership generously shared credit with the civilian government, which had worked tirelessly for four years to emerge from the biassed scanner of monitoring and manipulations. It was a global effort, and as a law-abiding nation, the national spirit was present. According to the FATF, Pakistan has successfully implemented both Action Plans, which cover 34 items on its to-do list, demonstrating our technical experts’ and law enforcement’s capabilities, as well as our diplomats’ competencies.
The massive goal entailed thoroughly scrutinising terror networks and cutting off their financial sources, as well as prosecuting anyone involved in a money-laundering scheme.
This is no minor feat, and Islamabad went to great lengths to ensure that international obligations were honoured, even if it meant upsetting many of the established customary conventions in the name of greater national interests. Furthermore, at a time when the war on terrorism was being waged both inside Pakistan and beyond Southwest Asia, Islamabad’s attention to the FATF procedure is commendable.
This feature should not only be admired, but also lauded by other states who are stuck in a similar rut. Members of jihadi organisations were sentenced to prison and the mosaic of sleeping cells that employ false money was cleaned up to perfection. At the same time, India, Pakistan’s archrival, and many biassed Western nations waged a smear campaign against the country, viewing it through a selective lens.
Last but not least, the FATF’s do-more narrative and constant shifting of goalposts resulted in an unreasonable delay, with the mission being completed in over four years. It is hoped that Pakistan’s freedom from FATF-imposed conditions will pay off at a time when the country’s economy is in severe circumstances and the threat of default on financial obligations looms large. However, it goes without saying that the Paris Club’s 39 members have never been kind to Pakistan and have always been half-hearted in recognising Islamabad’s dedication and hard work. Instead of adding a new supplemental step of verifying provisions on the ground, it should have written a clean chit in Berlin in all humility. It is necessary to maintain the confidence.
The massive goal entailed thoroughly scrutinising terror networks and cutting off their financial sources, as well as prosecuting anyone involved in a money-laundering scheme.
