India pushes financial action task force to put Pakistan on the grey list: Source
Official sources said the Narendra Modi government plans to recommend putting Pakistan back to next month's key meeting of the Financial Action Task Force (FATF). FATF is a global financial crime agency. Its grey list contains names of countries that are widely monitored until they take clear steps to correct the deficiencies identified in their financial systems. Inclusion in the FATF’s gray list may limit a country’s chances of obtaining international loans.
Sources said Pakistan has not met the conditions for the removal of the gray list.
The news came after the two countries agreed to a ceasefire on May 10 after Indian armed forces blocked the Pakistani military's attempt to target civilians and military targets at Indian soil.
Pakistan has a history on the FATF gray list
Since entering the country in 2008, Pakistan has been on the gray list many times.
It was last removed from the list in 2022, reminding Pakistan that it must continue to work with the Asia-Pacific Group to address the flaws in its anti-money laundering and anti-terrorism terrorism (AML and CFT) systems.
In 2018, Pakistan was asked to develop and implement an action plan that includes effective steps for the terrorist clothing designated by the United Nations, individuals and their colleagues.
In 2021, the country was once again listed as a list of failures to address all the problem areas identified earlier.
India-Pak Relations | FATF Grey List on India's Position
India will reportedly send detailed archives to the global financial crime watchdog, outlining evidence and concerns about the participation of certain entities and individuals in terrorist financing and money laundering.
India's archives will reportedly emphasize its findings, and under international agreements, rigorous scrutiny and action will be sought.
India opposes the World Bank's loan to Pakistan?
Sources said India could make strong reasons for the World Bank's loan to Pakistan.
The Multilateral Development Bank will discuss a $20 billion loan package for Pakistan in June.
Last year, Pakistan has received $7 billion in bailout from the International Monetary Fund (IMF) and received $1.4 billion in this month’s $1.4 billion arrangement under the Climate Resilience Fund.
