What's new

Editorial: Complete compliance on FATF's plan will bring multiple economic benefits for Pakistan

Kabira

ELITE MEMBER
Jul 12, 2014
14,323
-20
13,495
Country
Pakistan
Location
Pakistan
THE decision taken by the Financial Action Task Force to keep Pakistan on the grey list until June, despite the country making significant progress on the recommended actions, has disappointed many. There are examples where other nations were taken off the list of countries under enhanced monitoring by the global watchdog although they did far less than Islamabad which worked hard to tighten its anti-terror-financing and money-laundering controls over the last two years.

Pakistan has complied with 24 out of the 27 actions suggested by the FATF. One hopes that it acts vigorously in the remaining areas to be taken off the grey list soon. The FATF announcement that Pakistan has made “significant progress” even if some “serious deficiencies” remain in the mechanisms to eliminate terror financing, and the government’s view that the country would not be put on the blacklist again, has been a ray of hope for all concerned.

At the same time, the FATF decision should jolt the authorities out of their complacency. There is no option but to work quickly and show progress on the rest of the FATF action plan. Even though doing so will not be easy for the state, it is clear that unlike previously, the world wants complete compliance with the global body’s exacting standards this time around. The FATF president’s statement that the watchdog will verify the completed actions and members of the task force would vote (to remove Pakistan from the list of countries on the grey list) “as soon as they improve their investigations and prosecutions of all groups and entities financing terrorists and their associates and show [that] penalties by courts are effective” underlines this new reality.

It goes without saying that complete compliance will bring its own dividends for the economy. The increasing inflow of remittances through legal channels is only one of the many economic benefits that Pakistan stands to reap from adopting global standards on illicit financing.

Last but not the least, the battle to stay out of the grey list in future will not end once Pakistan is taken off it. There is bound to be a tough struggle for a much longer time until the world learns to look upon this country as a responsible and trustworthy partner in the international fight against terrorism. The end of the endeavour to get off this list is in sight and the country must leave no stone unturned to reach its goal.

Published in Dawn, February 28th, 2021

 

Kabira

ELITE MEMBER
Jul 12, 2014
14,323
-20
13,495
Country
Pakistan
Location
Pakistan
I agree with this Dawn piece. Establishment and their useless puppets in shape of PTI must realise there will never be economy growth without taking care of terrorism. Time to get rid of them no matter if they attack across the border or at home. Time to settle IoK issue with India and Durrand line with Afghanistan.

No foreign investors is going to setup business in ex-FATA when even locals run away. Forgot about prosperity without security.

Considering Pakistani state have to fight terrorists from Sindhi, balocha, pashtun and muhajir background. That leaves just punjab. India can just continue to fund these terrorists or make a deal with Pakistan for mutual peace. IoK is worthless piece of land for Pakistan and its people are known traitors to ideology of Pakistan since days of Abdullah Sheikh.

Pakistan can only keep all these different ethnic together with economic prosperity.
 
Nov 18, 2014
1,172
0
1,433
Country
United States
Location
United States
[QUOTE/]
Last but not the least, the battle to stay out of the grey list in future will not end once Pakistan is taken off it. There is bound to be a tough struggle for a much longer time until the world learns to look upon this country as a responsible and trustworthy partner in the international fight against terrorism. The end of the endeavour to get off this list is in sight and the country must leave no stone unturned to reach its goal.

Published in Dawn, February 28th, 2021

[/QUOTE]

Very convenient indeed!
Is crypto regulated?
Isn't the whole blockchain framework outside of existing banking system?
Are western states victims or beneficiaries of money laundering?
Fact is developing nations will always remain victims of fleeting rules and regulations developed for and by western states for their own benefit and just like Hawala of yore was bad because it was foreign, crypto of today is good, legal and available.
 

Bilal.

SENIOR MEMBER
Aug 9, 2013
4,122
7
5,157
Why does dawn say 24. When the meeting started Pakistani officials had clearly said they had met all 27.
Yes. That was the understanding because the guidelines were general and one can disagree if enough has been done to call it compliant or not.
That is the reason that the Pakistani delegation asked for specific deliverables to be deemed compliant, to which FATF has agreed.
 

El Sidd

BANNED
Apr 5, 2017
58,950
7
48,094
Country
Pakistan
Location
Canada
How come there are no reservations on any of the listed requirements?

Pakistan has every reason to form policy of financial freedom. FATF must not transgress between recommendations made and foreign engineered reforms.
 

Vapnope

SENIOR MEMBER
Nov 11, 2015
3,613
15
5,672
Country
Pakistan
Location
Pakistan
Fact is developing nations will always remain victims of fleeting rules and regulations developed for and by western states for their own benefit and just like Hawala of yore was bad because it was foreign, crypto of today is good, legal and available
I said the same thing in another thread that Hawala and Hundi is being done from Gulf, UK and Switzerland. In fact most of the work is being handled from there because of abundance of black money. However, you wont find FATF talking about it.
 

Kabira

ELITE MEMBER
Jul 12, 2014
14,323
-20
13,495
Country
Pakistan
Location
Pakistan
[QUOTE/]
Last but not the least, the battle to stay out of the grey list in future will not end once Pakistan is taken off it. There is bound to be a tough struggle for a much longer time until the world learns to look upon this country as a responsible and trustworthy partner in the international fight against terrorism. The end of the endeavour to get off this list is in sight and the country must leave no stone unturned to reach its goal.

Published in Dawn, February 28th, 2021

Very convenient indeed!
Is crypto regulated?
Isn't the whole blockchain framework outside of existing banking system?
Are western states victims or beneficiaries of money laundering?
Fact is developing nations will always remain victims of fleeting rules and regulations developed for and by western states for their own benefit and just like Hawala of yore was bad because it was foreign, crypto of today is good, legal and available.
[/QUOTE]

What is FATF? Basically US/Europe who are our biggest trading partners, especially exports/remittances. Dont want to trade with them and rather host bunch terrorists who are good for nothing? Fine. I doubt they care about losing 0.1% their trade but hopefully establishment do care about losing our biggest export markets.
 

Mentee

ELITE MEMBER
Feb 3, 2016
8,796
0
21,066
Country
Pakistan
Location
Pakistan
it will be used to force submission in all forms

Seems like our oxford breed running the country didn't read or show any preference for both empirical and administrative science other than aping the english comdey of manners ------ . It's heart wrenching witnessing a nuclear power of 200 million + turned into a poodle to maintain lifestyle of some.
 

KhanBaba2

FULL MEMBER
Feb 10, 2019
1,981
-8
1,093
Country
India
Location
India
How come there are no reservations on any of the listed requirements?

Pakistan has every reason to form policy of financial freedom. FATF must not transgress between recommendations made and foreign engineered reforms.
You are totally free to have any sort of financial rules in your country. The rest of the world has total freedom to make their remittances to you difficult or easy.
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom