Biden’s statement jeopardies Pak’s hopes to exit from FATF 

The statement of American President Joe Biden against Pakistan’s nuclear assets may affect Islamabad’s hope to exit from the Financial Action Task Force (FATF) grey list, reported 24NewsHD TV channel.    

The meetings of FATF Working Group and Plenary have been continued in Paris since October 16 and a decision to retain or exit Pakistan will be taken in the meeting scheduled from October 20 to 21. The decisions will be announced on October 21 at 8 PM Pakistan time.  

Pakistan has attached hopes to exit from the FATF grey list in the meeting as it has fully complied with both FATF action plans. Pakistan has implemented 34 points and fulfilled all conditions to stop money laundering and the financial support of terrorists.

However, the statement of US President Joe Biden in which he stated,” And what I think is maybe one of the most dangerous nations in the world: Pakistan. Nuclear weapons without any cohesion.” His remarks have alarmed the Pakistanis and there is frustration in government circles too. 

Pakistan was placed on the grey list by the FATF in June 2018 for deficiencies in its system to curb money laundering and terror financing. It was first given a 27-point action plan and later another 7-point plan to comply with the FATF’s standards.

At the last plenary meeting in March 2022, FATF retained Pakistan in its “grey list” and directed it to do more in investigating and prosecuting senior leaders and commanders of UN-designated terrorist groups for terror financing.

Representatives of the 206-member global network and observer organizations are taking part in the meeting while representatives of IMF, World Bank, UN and Financial Intelligence Unit are also part of the meeting.