Delegation reaches Paris to defend Pakistan's case at FATF meeting
February 20, 2018
A delegation comprising of officials from finance and interior ministries reached Paris earlier today to plead Pakistan’s case at the ongoing meeting of the Financial Action Task Force (FATF) – a global body that combats terrorist financing and money laundering.
The delegation, led by Director-General Financial Monitoring Unit Syed Mansoor Shah and comprising of other members of the Foreign and Interior ministries, will defend Pakistan’s position at the FATF meeting, where a resolution sponsored by the United States and supported by its allies is considering placing Pakistan on a watchlist of countries that financially aid terrorism.
Adviser to Prime Minister on Finance Dr Miftah Ismail has also reached Paris to attend the meeting. Official sources revealed earlier that Ismail visited Germany, Netherlands and Belgium last week in an attempt to garner support against the US move.
Sources said of the 35 permanent members of the FATF, only China supports Pakistan whereas the rest are likely to fall behind the US resolution.
Pakistan's international credit rating could suffer a setback as a result of being placed on the list, as several global financial institutions are influenced by the FATF, which includes around 700 members in total, including the United Nations, European Commission, International Monetary Fund and World Bank.
On Feb 16, US State Department spokesperson Heather Nauert said at a press briefing that a resolution to place Pakistan on the global terror-financing watchlist had been submitted to the FATF. The spokesperson elaborated that the US had been concerned about Pakistan's actions for a long time.
Reacting to the US move, the Foreign Office said Pakistan has serious concerns regarding the American resolution.
'FATF protects the international financial system'
The FATF is an inter-governmental body established in July 1989 by a Group of Seven (G-7) Summit in Paris. Its objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse, according to the institute's website.
The FATF currently comprises 35 members and two regional organisations, representing most major financial centres in all parts of the globe along with observer countries, organisations and associate members.
