Double blow to Pakistan, Turkey also trapped; who will save now

The Financial Action Task Force (FATF) has decided to keep Pakistan on the gray list. Along with this, Turkey's important ally Turkey has also been put on this list.

This is a double blow for Imran Khan's government as Pakistan also depended on Turkey to avoid going on the blacklist of FATF. Turkey had earlier saved Pakistan from being blacklisted in the FATF.

Jordan and Mali have also been put on the gray list. Botswana and Mauritius have been left out of the gray list.

According to Turkish news agency Anadolu, Turkey's Revenue Ministry has said that its inclusion in the FATF list is a completely unfair decision. The Revenue Ministry has said that despite all the cooperation, it has been included in the gray list. Turkey has been a member of the FATF since 1991.

The FATF has denied the allegation that Pakistan is not being removed from the gray list under pressure from India. FATF chief Marcus Pleier said in a press conference, "Pakistan should act with the investigation against banned terrorists and terrorist groups. Under the Action Plan 2019, Pakistan should crackdown on terrorists. Pakistan has completed 30 action points out of 34.

"This shows that Pakistan is serious in this matter. That is why we did not consider blacklisting Pakistan. The government is cooperating with the FATF. We urge Pakistan to resolve the remaining issues at the earliest.

Marcus has dismissed the allegations of Indian pressure. India's External Affairs Minister S Jaishankar had said that Pakistan is not able to get out of the gray list of FATF because of India. Marcus said on the charge of Indian pressure, "FATF is a technical body and we take any decision with consent.

It is not a matter of any one country but 39 countries. Till now, China, Turkey, and Malaysia have been protecting Pakistan from being blacklisted.

Being on the gray list, Pakistan finds it difficult to get help from IMF, World Bank, and Asia Development Bank. The FATF has said that Turkey understands the threat of money laundering and terrorist financing.

The FATF has also raised concerns about money laundering and financing of terrorist groups in Afghanistan. The FATF said that the financing of terrorist groups in Afghanistan should be stopped.

What is FATF?

The FATF is an international organization established in 1989 at the initiative of the G7 countries. The organization is headquartered in Paris, the capital of France, which formulates policies to combat money laundering happening around the world.

In 2001, it also included the financing of terrorism in its policies. The organization formulates policies to keep the international financial system correct and works towards its implementation. It has a total of 38 member countries, including India, America, Russia, Britain, China.

Since June 2018, Pakistan has been on the radar of money laundering watchdogs around the world. Pakistan came under attack from these institutions when it was put on the 'grey list' for funding terrorists and the threat of money laundering.

According to the rules of the FATF consisting of 39 member countries, any country needs the support of three members to avoid the blacklist.