FATF’s review

Every time the Financial Action and Task Force (FATF) announces to keep Pakistan on the grey list, our ministers express satisfaction. They give the impression that the fact that the country avoided the black list is a great achievement for the government. This time too, our ministers are happy that the country has made progress on 26 out of 27 items on the action plan. The reality is that the country has been trying hard to get out of the FATF’s grey list without any success. India, the UK, the US and some Muslim-majority countries are also opposing the move to keep Pakistan out of the grey list. Had the country been successful in getting out of the grey list, it would have been able to receive financial aids from international financial institutions on easy terms.

Where should we go from here? Should we trust the rating of the forum where India has great influence or should we just forget about it and concentrate on our economic development? The answer lies in the latter. Our economic autonomy will greatly help us nullify the effects of being on the grey list.

Cdre (r) Sajjad Ali Shah Bokhari

Islamabad

*****

Pakistan must brace for more pressure by the US and its allies in the days ahead. Since Pakistan has explicitly refused to host American bases on its soil, the US will likely resort to old pressure tactics it once used against the country. These tactics will vary from halting economic assistance and military aid to using non-state actors to bring Pakistan to its knees. After the FATF, the IMF may also be tasked with tightening its noose around Pakistan. Foreign Minister Shah Mahmood Qureshi has already expressed that Pakistan is likely to be made a scapegoat by the US for its utter failure in Afghanistan. In short, Pakistan will be pressurised on several counts.

This pressure, however, will force Pakistan to further strength its ties with China and Russia. Under these circumstances, Pakistan should focus on becoming a strong member of the Shanghai Cooperation Organization (SCO). SCO meetings will help the country work closely with Afghanistan to assess the ongoing conflict in the country and to devise a unified policy for the post-withdrawal era. This is a great time for Pakistan to work on its regional diplomacy.

Rahman Rasheed

Buner

*****

Once again, Pakistan has failed to get out of the FATF’s grey list. The effects of this rating are also borne by ordinary people. Ever since the country made it to the much-dreaded grey list, it introduced strict anti-money laundering measures in compliance with the FATF’s action plan. These measures have made it quite difficult for ordinary people to open a bank account. Previously, freelancers were able to open an account. They also had a decent maximum limit.

Now, freelancers are allowed to keep only a small amount of money in their bank accounts. Why are citizens bearing the brunt of the FATF’s review? The authorities should take strict measures to catch the corrupt elements in our society. However, they must ensure that people who are earning lawfully and legally are not inconvenienced. In the meanwhile, the country must take effective steps to get out of the grey list. We have already suffered a lot and can’t afford to deal with more financial challenges.

Kiran Hilal

Karachi