The Financial Action Task Force (FATF), in its plenary meeting decided to retain Pakistan on the grey list. The case of Pakistan will be reassessed next at the extraordinary plenary session in June this year.
This was expected; sources from within the PM house claim that the reason for the lack of a diplomatic offensive in anticipation of the review stemmed from the knowledge that June would bring about our removal from the list.
The assessment report shows that Pakistan has made significant progress on the twenty-seven-point plan that was agreed to by Islamabad. If we look at Pakistan’s journey, the country has made huge progress from January 2019 when it had to address 25 incomplete points to this day, when it only has three partially complete actionable items. The government deserves credit for showing such an improved level of compliance.
Islamabad’s hard work has paid off, and now the country is nearing the finishing line. Authorities need to burn the midnight oil to satisfy FATF in the next session to get Pakistan out of the grey list permanently.
Watchdogs shouldn’t be used as pressure tools: PM Khan
Remaining on the grey list for such a long period has not cost us politically only. The economic costs are also enormous. According to one report, our placement on the grey list may have resulted in cumulative GDP losses of around $38 billion. This is a very huge amount.
However, it is also true that the plan that FATF handed over to Pakistan was the most rigorous that was ever given to any country. Therefore, our progress is nothing short of commendable. And Pakistan’s significant improvement on 24 points shows that we are far away from the once lingering threat of being blacklisted.
It is now time to step up diplomatic efforts to make FATF appreciate Pakistan’s remarkable journey. Furthermore, Islamabad must also persuade FATF to put India under increased monitoring because of its financial assistance to anti-state actors that are destabilising the region.