Even after four years, Pakistan could not get out of the gray list of the Financial Action Task Force, ie FATF. In a statement late Friday night, the FATF made it clear that Pakistan still needs to take strict steps to stop terror finance. According to the organization - we will do on-site verification so that the control of terrorism can be seen at the ground level as well. Pakistan has fulfilled 34 conditions, but we will verify them.
what is the meaning of this decision?
This can be seen as hope for Pakistan. FATF has said that it will do on-site verification. This means that the FATF team will investigate all the loopholes in Pakistan's banking sector and terror financing. If improvement is seen on the ground, then in the next meeting, perhaps Pakistan should be removed from this list. Till then Pakistan, which is on the verge of bankruptcy, will have to wait. No date for on-site verification has been fixed as of now.
Gray list countries have to meet very strict conditions before taking loans from any international monetary bodies such as IMF, ADB, and World Bank. Most institutions are reluctant to give loans. There are also problems with trade. All the strict conditions have to be fulfilled in export.
hope broken
All the experts of Pakistan were assuming that this time their country would be taken out of the gray list. The reason for this was that last time Pakistan was left behind by fulfilling only one condition. The Shahbaz Sharif government and before that Imran Khan had made all efforts to come out of the gray list, but the result turned out to be the opposite.
Do experts believe that in the FATF meeting, it was looked into very strictly what action Pakistan has taken against terror financing and big terrorists and where is the evidence for this? If he does not provide evidence, then even after four years, he is sure to remain on the gray list. The meeting will run from February 21 to 25.
FATF's gray and black list
Gray List: In this list, those countries are kept, which are suspected of being involved in Terror Financing and Money Laundering or ignoring them. These countries are given conditional grace to act. It is monitored. Overall you can call it 'Warning with Monitoring'.
Disadvantages: Countries in the gray list have to fulfill very strict conditions before taking loans from any international monetary body or country. Most institutions are reluctant to give loans. There are also problems with trade.
Black List: When it is proved from the evidence that a country is being terror financing and money laundering, and it is not controlling them, then it is put on the black list.
Disadvantages: IMF, World Bank, or any financial body does not provide financial help. Multi-national companies take over the business. Rating agencies were put on the negative list. Overall, the economy reaches the brink of destruction.
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