Money laundering (concealment of illegally gained money then appear legal) and terror financing (activities which provide finance to individual terrorists or militant groups) nowadays is a big and dire problem. Many countries are engulfed in these problems and trying to get rid of it. Many steps have been taken to overcome these problems but all were in vain. When realized that it is a hard nut to crack a force was set up to root out terror financing and money laundering known as Financial Action Task Force (FATF).
Financial Action Task Force commonly known as FATF is a global task force formed in 1989. This task force consists of 37 countries, headquartered in Paris, France. It is currently under the presidency of Mr. Marshall Billingslea who was appointed on July 1, 2018. Three main FATF observers are Indonesia, Israel, and Saudi Arabia. The main purpose of this force is to develop policies to combat money laundering and terror financing.
FATF has provided a series of recommendations which can be followed to stop money laundering and terror financing. Countries are monitored worldwide by a task force to examine if they have acted upon its recommendations to restrain the flow of funds to banned organizations (mafias, terrorist outfits, militant groups etc). Since this is a serious threat at an international level to the integrity of the international financial system, this task force laid down the foundation of a list of those countries which are affected by or who are involved in money laundering and terror financing is known as grey list.
PAKISTAN’S HISTORY IN THE FATF GREY LIST
It was 2009 when first time Pakistan was put into the Grey List. At that time Government of Pakistan Peoples Party (PPP) was on the run. Later, the name of Pakistan was excluded from the grey list. After that, Pakistan’s name was again included in grey list in 2012 for the second time. In 2013 government of PPP ended and Pakistan Muslim League-Nawaz’s (PML-N) Government tenure started.
Amid inclusion of Pakistan’s name in the grey list, Chief of Army Staff (COAS) launched an operation on June 15, 2014, against terrorism and militant groups called Operation Zarb-e-Azb. As this operation was on the run to hunt down the terrorists, world’s fourth-deadliest Army Public School (APS) massacre happened after which operation against terr