India to push for Pakistan’s grey listing at FATF, next meet scheduled for Aug 25
During August 25 meeting, India is likely to present its views to the global watchdog. The next FATF plenary & working group meeting is scheduled for Oct 20.
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. (File image). [Photo: 'X']
New Delhi, May 24: India will highlight Pakistan’s persistent support for terrorism and its funnelling of multilateral funds for arms procurement to build a strong case for reinstating Islamabad on the global money laundering and terror financing watchdog’s ‘grey list’, and block funding from the World Bank.
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog and sets international standards to prevent these illegal activities.
“India will submit a dossier to the FATF on the omissions and commissions by Pakistan concerning FATF anti-money laundering and terror financing norms. We will be taking it up (with the FATF) for a grey listing of Pakistan,” a government source said.
The next meeting of the Asia Pacific Group (APG) of FATF is scheduled for August 25, during which India is likely to present its views to the global watchdog. The next FATF plenary and working group meeting is scheduled for October 20.
Currently, there are 25 countries in the FATF ‘grey list’. These countries are under increased monitoring and they have to address strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing.
Pakistan’s history with FATF’s ‘grey list’ dates back to February 2008, when it was placed on the monitoring list. In June 2010 it was removed from the list, only to be brought back in February 2012, and then removed again in February 2015.
It was brought back to the list again for the third time in June 2018 and was later removed in October 2022 with FATF asking Pakistan to continue to work with APG to further improve its anti-money laundering/combatting the financing of terror (AML/CFT) system.
Separately, India will next month oppose the World Bank funding to Pakistan, just as it had done in the case of IMF, arguing that Islamabad had used such funds in the past to procure arms and ammunition.
World Bank is likely to review next month its USD 20 billion lending to Pakistan under the Country Partnership Framework agreed in January this year.
-PTI