Editorial: Haunting shade of grey
Despite being given a long rope to stop sponsoring terror outfits and check terror financing, Pakistan has failed to convince the international community with credible and verifiable actions. It is therefore not surprising at all that the Financial Action Task Force (FATF), the Paris-based global watchdog on terror funding, has decided to retain Pakistan on […]
Despite being given a long rope to stop sponsoring terror outfits and check terror financing, Pakistan has failed to convince the international community with credible and verifiable actions. It is therefore not surprising at all that the Financial Action Task Force (FATF), the Paris-based global watchdog on terror funding, has decided to retain Pakistan on the ‘grey list’ and asked it to do more in investigating and prosecuting senior leaders and commanders of UN-designated terrorist groups for terror financing. So far, it has failed to take action against terror financing of terrorists living on its soil. The decision to continue to keep Pakistan on the grey list was taken after a four-day long FATF Plenary which saw the participation of over 200 members from the Global Network and observer organisations, including the International Monetary Fund and the United Nations. The global body was established in 1989 to combat terror financing, money laundering and other related threats to international financial systems. Widely seen as a hub for international terror outfits, Pakistan has been on the FATF grey list for almost four years now. This greylisting has adversely impacted its imports, exports, remittances, and limited access to international lending. It has so far avoided being on the black list with the help from China, Turkey and Malaysia. Pakistan must come clean on the issue and complete all the tasks mentioned in the FATF action plan in its own interests. The Imran Khan government was given a final warning in February 2020 to complete the 27 action points.
A deepening economic crisis, accompanied by the growing crisis in Afghanistan, has pushed the country in a tight corner. Pakistan’s economy is in such a dire state that it is dependent on international aid for survival. It must realise the grave consequences of its policy of using terrorism as an instrument of state policy at the behest of military bosses. The country has suffered a total of $38 billion in economic losses due to FATF”s decision to thrice place the country on its grey list. The losses are worked out on the basis of a decrease in consumption expenditures, foreign direct investment and exports. The Taliban takeover of Afghanistan has compounded the threat of domestic terrorism in Islamabad and the state’s incapability in preventing attacks. The major threat at present is from the Tehreek-i-Taliban Pakistan (TTP) which has links with the Afghan Taliban and other terrorist organisations in the region. Islamabad is now paying the price for supporting the terrorist group in Afghanistan since the Soviet invasion in 1979. Other irritants, especially the dispute over the border with the recent flare up over the fencing of the Durand line has deteriorated the situation further. The public perception in Afghanistan is also stacked against Pakistan with many Afghans blaming it for the return of the terrorist group.
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