Even though the FATF has retained Pakistan on its grey-list, it has also noted that the country has made significant progress on its recommendations concerning terror financing and money-laundering. That Pakistan has now only to comply with three of the 27 points of the FATF action plan means that it is inching closer towards an exit. At the end of the four-day virtual meeting of the anti-terror financing watchdog on Thursday, Pakistan failed to get the green light from member states. However, the meeting did appreciate the country’s continued political commitment which has led to a significant progress in combating terror financing and money-laundering. Thus, a fourth and perhaps a final extension has now been granted. Time is of the essence “as all action plan deadlines have expired” and compliance needs to be ensured before June 2021.
Pakistan has been in the FATF clutches since 2008 and has paid a significant economic price. Therefore, the faster the country is out of this fix, the better. While diligent efforts have been made by concerned authorities up till now, the remaining action plans which are all related to terror financing need to be strategically addressed since FATF has time and again urged Islamabad to “demonstrate” implementation at the ground-level through results and prosecutions.
The resilience and consciousness of authorities regarding the matter indicate that Pakistan will soon be able to free itself from the shackles of the grey-list. However, it should not be underscored that even after Pakistan completes implementation on the whole action, the FATF will verify if the measures are sustainable for long-term. This means that Pakistan will need to ensure accountability and transparency by strengthening the concerned laws, systems and institutions while at the same time resolving previous pending issues related to terror financing. Bold moves will need to be made in order to prove Pakistan’s sustainable commitment.
Published in The Express Tribune, February 28th, 2021.
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