With all the clamor and credit-claiming in the run up to a possible exiting from FATF greylist, Pakistani top echelons forget to explain how these developments will help common Pakistani folk with their fundamental issues and inflation. That’s if they will at all.
Will exiting the infamous greylist immediately translate in relief from price hikes? Will it mean Pakistanis will have better and secure future? Will it mean every common Pakistani citizen, notwithstanding their class or caste or background, will benefit from this development, or like all other achievements, this, too, is only designed to help only a few to reap its benefits.
Especially when the brunt was collectively borne by everyone, particularly, in fact, the middle- and the lower-middle-income classes in the form of layoffs, salarycuts, unemployment and inflation.
The Financial Action Taskforce (FATF), established in 1989 in Paris, is an intergovernmental unit that sets and examines international standards to prevent crimes that prevent financing of terrorist activities and money laundering. The FATF formulates policies that work toward making it obligatory for nations to do reforms in the desired areas.
To simplify things, FATF has three basic purposes:
- To curb money laundering
- To stop terror financing
- To counter financing of weapons of mass destruction.
WHAT IS FATF’s GREY LIST?
The greylisting of any country by FATF means that it has been placed under increased monitoring to oversee its progress on measures against terror financing and money laundering.
The countries then have to increase efforts and take measures against the above-mentioned topic to be removed from the unwanted watchlist.