Financial Action Task Force (FATF) which is headquartered in France has retained Pakistan on its greylist continuously for a long time.
This punishment has pushed Pakistan to a very bad state.
It is an intergovernmental organisation that was instituted to combat money laundering and terrorism financing.
The countries involved in the above said illegal monetary transactions will be kept on the blacklist and those will be given financial stress.
The greylist is comparatively less intensive than the blacklist.
Pakistan was removed from the list in 2015 and re-added in 2018. It was estimated that the country has to implement a 27 point action plan.
Recently the President of FATF Marcus Pleyer has said that out of those 27, 3 were not addressed.
There should be an intensified action when it comes to the prevention of terrorism funding.
The three unaddressed actions include the mandate to levy a financial ban on the founder of Lashkar -e Taiba Hafiz Saeed, JEM leader Azar and leaders of other terrorist agencies in Pakistan.
The action taken by FATF is vehemently condemned by the Home Minister of Pakistan Rahman.
He has quoted a loss value of 3800 crore dollars faced by Pakistan when kept on the greylist.
Countries like Iran and North Korea are on the blacklist. Pakistan will be removed from the greylist only if it addresses those three points.
Voting will be conducted in June 2021 when the members of FATF meet.
It is noteworthy that the FATF has taken such severe action on Pakistan in a situation where there are possibilities of the relationship between India and Pakistan getting smoother to some extent.
The information that both the countries are firm in their stance of war prevention and the news that India’s National Security Advisor Ajit Doval had spoken to the Army General of Pakistan are good signs indeed. Though there are no economic, cultural, political and commercial transactions between India and Pakistan right now, it seems that negotiations will take place very soon.
It is good for Pakistan to take action against terrorists and those identified by the FATF as terrorism funders.
Getting relieved from the greylist of FATF will smoothen the relationship between India and Pakistan in the coming months.
It is good for Pakistan to prosecute the terrorists.