Terror Funding Watchdog FATF Asia Pacific Group Blacklists Pakistan: Ramifications to Regional & Global Stability

Pakistan has been blacklisted by the Financial Action Task Force’s Asia Pacific Group (APG) for non-compliance & non-enforcement of safeguards against terror financing & Money Laundering. The APG which is one of the nine regional affiliates of the FATF had met in Canberra from Aug 18th to 23rd to discuss a five year review of the Mutual Evaluation Report for Pakistan and hence have decided to place it among the countries requiring “enhanced, expedited follow-up”.

The Paris-based global body is working to curb terrorism financing and money laundering and has asked Pakistan to reassess the operation of banned terrorist outfits in the country. In a statement issued at the conclusion of its Plenary meeting in Orlando, Florida, the FATF expressed concern “that not only did Pakistan fail to complete its action plan items with January deadlines, it also failed to complete its action plan items due May 2019”.

The FATF has strongly urged Pakistan to swiftly complete its action plan by Oct 2019 when the last set of action plan is set to expire. If Pakistan does not comply to this FATF will decide the next step at that time for insufficient progress which was the stern warning given by the international financial body. Pakistan should improve inter-agency coordination including between provincial and federal authorities on combating terror funding risks and demonstrate that law enforcement agencies are identifying and investigating the widest range of terror funding activity. The Orlando plenary will actually set the stage for Pakistan’s future even though a formal announcement would come out at the next FATF plenary due in Paris on October 18-23.

Now let’s understand the ramifications it has in the Regional & Global Stability.

First of all Pakistan is a country which is clearly got its name etched in the history of terror and that happened when US special forces operated in Abbotabad and found the the world’s most wanted Fugitive Osama Bin Laden hiding in Pakistan and gunned him down accordingly. Pakistani ISI has been the brain behind the terror organizations like Haqqani Network, Jaish E Mohammed, Indian Mujahideen, Hizbul Mujahideen and so on. More Importantly Pakistan does have a sizable amount of Nukes with them and considering the fragile borders that Pakistan shares with Afghanistan & Iran, there could be a case where these terror networks could start sabotaging these nukes with internal help and if it reaches them then disaster is just few inches away from you.

Also considering the kind of economic situation the country is in, the political system looks absolutely fragile and these terror networks are absolutely aware of it. Also Pakistan has been financing Terror Operations in its neighboring country India owing to its tensions regarding Kashmir. India has been the biggest victim of Pakistani sponsored terrorism and the world is in support of India and against Pakistan.

Also the peace deal between US & Taliban if successful could result to power vacuum in the region and these terror organizations will take full advantage this situation which could jeopardize the regional balance & world order at large. So if the world order, global security & regional balance have to be achieved then the world powers should first ensure 100% nuclear disarmament by making sure Pakistan’s nuclear deposits & reactors are closed and decontaminated. This will ensure the dangerous nukes will not reach anyone especially the bad guys and if this happens then only the Regional stability & Global security could be maintained & honored upon.

 

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Story conceived & written by

Editorial Team, Insourcing Multiplier

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