Pakistan is out of FATF’s ‘grey list’ on terror funding; India reacts
In response to media queries on Pakistan‘s removal from the grey list of the Financial Action Task Force (FATF), India has said that Pakistan must continue to take “credible, verifiable, irreversible and sustained” action against terrorism and terrorist financing emanating from territories under its control.
Foreign Ministry spokesperson Arindam Bagchi said, “It is in global interest that the world remains clear that Pakistan must continue to take credible, verifiable, irreversible and sustained action against terrorism and terrorist financing emanating from territories under its control.”
“As a result of FATF scrutiny, Pakistan has been forced to take some action against well-known terrorists, including those involved in attacks against the entire international community in Mumbai on 26/11,” he added.
“We understand that Pakistan will continue to work with the Asia Pacific Group on Money Laundering (APG) to further improve its Anti-Money Laundering (AML)/ Counter Terror Financing (CFT) system,” the spokesperson further said.
In a statement, the FATF announced that Pakistan is no longer subject to its increased monitoring process. The FATF reportedly welcomed Pakistan’s “significant progress in improving its AML/ CFT (anti-money laundering & counter-terrorist financing) regime”.
Pakistan was included among jurisdictions under the increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigation, prosecution, judicial, and non-government sectors in fighting money laundering and combat terror financing, which are considered serious threats to the global financial system.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate – Asia Pacific Group – had paid an onsite visit to Pakistan from August 29 to September 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities, which kept the countrywide visit of the delegation low profile, later termed it “a smooth and successful visit”. The delegation had detailed discussions with the relevant agencies pursuant to the authorization of an onsite visit by the FATF Plenary in June 2022.
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Coincidence that Pakistan has been removed from FATF soon after Sequoia Capital makes its first investment in Pakistan in July 2022? Sequoia Capital in India should be thoroughly investigated – they r extremely dubious, opaque and inhuman. Most of the startups that they have invested in have allegations of fraud, public humiliation of the Founders, possible trapping and blackmail etc etc etc.
If the money they invest in India is from proceeds of crime in Pakistan, UAE, China etc and then they exit the investments in India with a profit and take that money back to Pakistan/UAE/China via some opaque jurisdiction, we would never know – unless we track.