India will make a strong case with the FATF to revert Pakistan to its grey list for failing to comply with the money laundering and terror financing rules, reports news agency PTI quoting a government source. On being asked if India will make a case with the Financial Action Task Force to place Pakistan on the grey list, the source said that we will take it up with the FATF.
The tension between India and Pakistan has heightened following the terror attack in Jammu-Kashmir’s Pahalgam on April 22, which killed 26 civilians.
India feels that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition. Countries which fail to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing, and are under increased monitoring, are placed in the grey list of FATF.
When FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.
The FATF plenary meets thrice a year – in February, June and October.
Pakistan was placed on the grey list by the FATF in 2018 and had given an action plan for the country to curb money laundering and terror financing. Following that, in 2022, FATF removed Pakistan from the list.
Earlier, India had also opposed the fund by the IMF to Pakistan days after the attack in Pahalgam. However, the IMF approved the fund.
(With inputs from PTI)
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