India’s bid to blacklist Pakistan by FATF fails due to Malaysia’s support
- FATF can no longer place Pakistan on the blacklist as the country gets support from Malaysia.
- Malaysia extends its support to Pakistan as the country has upped its war against the menace of money laundering.
- Pakistan, for now, has the support of three nations behind it.
- India’s bid to place Pakistan on the blacklist of FATF failed after the support of Mahathir Muhammad.
Malaysian Prime Minister Dr. Mahatir Muhammad told the Malaysian media in the High Commission that Malaysia extends its support to Pakistan as the country has upped its war against the menace of money laundering, The Nation reported.
Prime Minister of Pakistan telephoned the Malaysian counterpart who is London nowadays to thank Malaysia for its support to Pakistan’s efforts to avoid being blacklisted by the Financial Action Task Force (FATF).
Dr. Mahatir Muhammad took a six-minute call at the Malaysian High Commission.
After the telephonic conversation of Dr. Mahatir, Malaysia’s Foreign Minister Datuk Saifuddin Abdullah told the reporters that with the inclusion of Malaysia’s support Pakistan, for now, has the support of three nations behind it. The other two supporters are China and Turkey. Pakistan can no longer be blacklisted by FATF because of backing from three countries.
“We admit that money laundering is a major problem as it is happening because of the borderless world that allows free flow of capital, ” he further said. Financial Action Task Force is the anti-money laundering task force to combat the misuse of finances. Currently, about 37 countries are affiliated to the organization including France, Australia, China, Malaysia, USA, etc.
FATF had already placed Pakistan in its grey list from 2012 to 2015 and removed only at the assurance of the latter to curb the mishandling of money. In June last year, FATF again put the country on the greylist. The organization was to put the country on the blacklist as the deadline for working on its terms was approaching later this month.
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