The government is hopeful of getting out of the FATF gray list:

The government is hopeful of getting out of the FATF gray list:

The FATF's pressure on Pakistan will continue. Global politics has always influenced the Financial Task Force, so a possible decision should be viewed from a political point of view.

The Virtual Meeting of the Financial Action Task Force (FATF), a global body to combat money laundering and terrorist financing, will run from October 21 to October 23. The Pakistani government hopes to remove Pakistan from the gray list. Will be fired.

However, experts say that the FATF will continue to put pressure on Pakistan and it will be difficult for Pakistan to get out of the gray list, according to a report by the Asia-Pacific Group, based on the recommendations of the Financial Task Force. The FATF had provided Pakistan with a list of 27 points. By February 2020, Pakistan had implemented 14 of them.

However, the FATF had directed Pakistan to implement the remaining 13 points while keeping it on the gray list. The FATF had urged Pakistan to expedite the completion of its entire action plan by June this year. It will be added to the watchdog's list, commonly referred to as the Watchdog's "blacklist." On the other hand, the implementation of the recommendations of the FATF has increased the difficulties for ordinary Pakistanis. After the implementation of these recommendations, it has become extremely difficult for ordinary citizens in the country to open bank accounts, keep money in banks and make transactions. While there are no restrictions of any kind for the elite.

The small business community is also severely affected by the implementation of the FATF recommendations as it is difficult for less educated shopkeepers and small businesses to keep records nor do they have audit facilities to conduct small businesses as directed by government agencies. It has also been made mandatory for the shopkeepers to submit audit report and file tax returns. Similarly, it is the responsibility of the shopkeepers to keep the data of the citizens who have made excessive purchases with a copy of the ID card. The investor is sitting in the houses.

According to a report, while the number of migrants from Pakistan has increased to a record level, capital from Pakistan is shifting to different countries of the world as the business community is shifting its business to different countries considering Pakistan as an unsafe country for investment. That is why, despite all the incentives and efforts of the government, the investor is not willing to invest within the country.

It may be recalled that the Government of Pakistan had assured the Financial Action Task Force that it would develop an effective system for scrutinizing other matters including necessary legislation within the stipulated time frame. Was informed about the completion of 10 out of 27 points and the situation. The joint sitting of Parliament considered the terms of the FATF and agreed to improve Pakistan's legal system in accordance with international standards and the requirements of the FATF. In this regard, Parliament amended 15 laws. Also approved.

Despite all these measures, analysts are predicting that Pakistan's problems at next week's FATF Asia-Pacific Summit may be somewhat lessened but will not end. Urdu Point Editor Mian Muhammad Nadeem said last month's Asia-Pacific Group report made it clear that it was difficult for Pakistan to get off the gray list. He said the Corona epidemic was causing economic hardship around the world and almost all countries were facing financial crisis. Negotiations with oversight bodies such as the FATF have gained more time to review agreements and implement recommendations, but the Pakistani government and relevant agencies have shown criminal negligence in this regard.

He said that people are under severe economic pressure and according to Gallup report 85% of Pakistanis are facing imbalance in income and expenditure. The country's economy is being run by unelected people and government writ is not visible in any sector. He said that FATF pressure on Pakistan would continue. The Pakistani government has shown negligence in the negotiations to review its agreements with international financial institutions, which has resulted in the whole nation in the form of inflation and unemployment. Mian Nadeem said that the matter is as simple as the government is presenting it. In the big problems of Pakistan, the unelected people are running the national economy. From the prices of essential commodities to the devaluation of the rupee. It is very unfortunate to keep Parliament indifferent.

He said that if Pakistan was removed from the gray list, it would be a great achievement but there was a strong possibility that the FATF would take the steps taken by Pakistan as insufficient and keep it on the gray list. More than laundering will be to maintain international pressure. It should be noted that the Financial Action Task Force is an international organization consisting of representative organizations from different countries. The main objective of this organization is to prevent the international financial system from being used for extremism and terrorism. I added Pakistan to my gray list to check Pakistan's ability to stop extremists, terrorists and terrorist financing.