FATF has geopolitical agendas

BlogsfinanceFATF has geopolitical agendas

Islamabad, Pakistan: The decision of the Financial Action Task Force (FATF) to keep Pakistan on the grey list has raised several questions that common Pakistanis are asking on social media while Foreign Minister Shah Mahmood Qureshi has also raised doubts over the functioning of the global terror financing watchdog.
Pakistanis at social media claim that FATF is a political Instrument having dual standards and Diplomacy of Duplicity
They claim that Switzerland has been a safe haven for Black / Laundered money for ages while Afghanistan is a land of money laundering but no action has been taken against such countries
It may be mentioned that 73 countries have no Anti Money Laundering laws while 26 countries allow all laundered money without question.
Why money laundering of Swiss Banks and Tax Havens never questioned? was a popular point of discussions among wholesales markets of Pakistan
“FATF like other international bodies created by the colonial powers alliance has geopolitical agendas rather than a technical entity,” commented Muhammad Aslam, a young banker from Islamabad
Aslam was of the view that in the absence of transparent Banking systems in Swiss Banks and elsewhere how is it possible for any country to meet the high-level requirements of the so-called FATF?
He claimed that Swiss Banks are charging 2% to keeping the mostly without question in their secret banking system and lending further for 4% and getting 6% for almost doing nothing.
It may be mentioned that the Foreign Minister of Pakistan believes that there was no room to keep Pakistan in the FATF grey list after it had implemented 26 out of 27 action plans.
Shah Mahmood Qureshi made it clear that whatever steps Pakistan had taken were in its own interests. He said it was in their interest to stop money laundering and terror financing.
It may be noted that following its virtual plenary, the FATF through recognized considerable progress made by Pakistan on the action plan and Islamabad’s high-level commitment but it yet decided to retain the status quo for Pakistan i.e. Countries in increased monitoring for the 2018 Terror Finance Action Plan for remaining one action plan item.

Must read

Recent News

Banks asked to provide 40% loans to SMEs to promote small businesses: PM

0
ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif has said that he has asked the banks to provide at least 40 percent of loans to the...

Monsoon rains expected in KP and Punjab in next 24 to 72 hours

0
NDMA issues alert to relevant departmentsISLAMABAD, Pakistan: The National Disaster Management Authority’s (NDMA) National Emergency Operations Center (NEOC) has anticipated more rain wind/thunderstorms...

Interbank Dollar Rate Today in Pakistan – 21 August 2024

0
Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for August 21,...

Pakistan, Germany reaffirm commitment to deepening bilateral cooperation in trade, investment

0
ISLAMABAD, Pakistan: Germany's Federal Minister for Economic Cooperation & Development Svenja Schulze met with the Federal Minister for Commerce Jam Kamal Khan in Islamabad...

How to apply for Punjab’s Apni Chat Apna Ghar program

0
The Punjab Chief Minister Maryam Nawaz Sharif has officially launched the "Apni Chat Apna Ghar" program, aimed at providing affordable housing to the people...
Advertisement