Pakistan gets reprieve on FATF watchlist, says Asif

Hithchiker

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https://www.dawn.com/news/1390711/pakistan-gets-reprieve-on-fatf-watchlist-says-asif

ISLAMABAD: Pakistan has been given a three-month reprieve by a global watchdog over a US-led motion to put the country on a terrorist financing watchlist, Foreign Minister Khawaja Asif said late on Tuesday.

Member states of the Financial Action Task Force (FATF) have been meeting this week in Paris, where it was expected that they would decide on a US motion — backed by Britain, France and Germany — to have Pakistan added to the so-called ‘grey list’ of countries not doing enough to comply with terrorist-funding regulations.
https://twitter.com/KhawajaMAsif/status/966030847949398016

Khawaja M. Asif

✔@KhawajaMAsif


Our efforts paid,FATF Paris 20Feb meeting conclusion on US led motion to put Pakistan on watch list
-No consensus for nominating Pakistan
-proposing 3months pause &asking APG for another report to b considered in June الحمداللہ
Grateful to friends who helped
10:24 PM - Feb 20, 2018
https://twitter.com/intent/like?tweet_id=966030847949398016


Mr Asif tweeted that Pakistan’s “efforts have paid (off)” during a Tuesday meeting on the US-led motion, suggesting there was “no consensus for nominating Pakistan”.

He also suggested the meeting proposed a “three months pause” and asked for the Asia Pacific Group, which is part of FATF, to consider “another report in June”.

“Grateful to friends who helped,” Mr Asif added.

Published in Dawn, February 21st, 2018
 

Nilgiri

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Not so clear anymore:

https://tribune.com.pk/story/1644860/2-analysis-placed-watch-list-pakistan-set-economic-dent/

KARACHI:

After an awful lot of confusion, it emerged that Pakistan would be placed on the Financial Action Task Force’s (FATF) terror financing watch list.

In one week of developments, Pakistan was given a reprieve, according to its foreign minister, only for its neighbour to claim that it wasn’t the case. A day later, it transpired that Pakistan’s minister got it wrong. Pakistan would be placed on the watch list from June, and it would get three months to take action against money-laundering and terror-financing.

Experts now suggest that Pakistan will need to revisit its foreign policy – a neglected area – to win back a balanced relationship with the world. Out of its four neighbours, it has a friendly working relation with just one. Two of the four are vocally critical of Pakistan’s policies, while relationship with the fourth, Iran, has room to improve.

Additionally, experts believe, Pakistan would find it tougher to smoothly run financial and trade ties with many counterparts, which it successfully managed during 2012-15. Previously, the country remained on the watch list but found no difficulties in acquiring a $6.6-billion loan from the International Monetary Fund (IMF) and running other businesses with the world. Furthermore, it also remained a major ally of the US in the war against terrorism.


“This time, Pakistan will find a different world. During those times (2012-15), Europe was not facing terrorist activities,” NUST Islamabad School of Sciences and Humanities Principal and Dean Dr Ashfaque Hasan Khan told The Express Tribune.

Germany and France are among the European countries that strongly backed the US move to put Pakistan on the watch list, while China and Saudi Arabia – the countries with which Pakistan enjoys good ties – also agreed with US’s agenda.

“The likely impact of putting Pakistan on the list would be like a downward revision in credit rating by global financial institutions, and paying a higher cost and return on floating Eurobonds.

“Foreign direct investment may also take a hit due to the likely increase in investment-risk factor; the stock market may face a dip in foreign portfolio investment, opening letters of credit for imports may become expensive … in a nutshell, Pakistan’s cost of doing business, which is already on the high side, may increase further,” Khan remarked. National Bank of Pakistan President Saeed Ahmad anticipated at a press briefing last week that Pakistani banks would face difficulties in conducting financial transactions if FATF decides to put the country on the grey-list.

EFG Hermes Chief Executive Officer Muzammil Aslam said the government needs to fix its foreign policy and do more on rebalancing its relationship with the world rather than doing more on FATF’s front as the decision is influenced by international political motives.
“When Pakistan acquired an IMF loan in 2013, it was enjoying comparatively better ties with the US … China-Pakistan Economic Corridor (CPEC) has improved things in Pakistan, but lowered its reliance on the US,” he added.

On the regulations side, Aslam said that government institutions in Pakistan have been tightening the noose around local and foreign financial transactions for a long time.

“I am the CEO of a company … the State Bank of Pakistan and SECP [Securities and Exchange Commission of Pakistan] have regularly been issuing instructions regarding AML (anti-money laundering) and acquiring details about our clients and we also submit affidavit in this regard,” he said.

He suggested that if Pakistan was planning to float Eurobonds in a bid to boost its foreign exchange reserves higher, then it should do this in the next three to four months, before June. “This is time for a change in [elected] governments … the outgoing government should acquire another $2-2.5 billion through Eurobonds,” he said.


Pakistan is feared to face an import payment crisis by June 2018 as foreign exchange reserves are depleting fast due to the widening current account deficit.

An informed source claimed Pakistan’s name was put on the future grey-list in the second round of FATF session due to wrong moves made by newly-appointed inexperienced ministers and advisors. Otherwise, the task force was convinced not to do so in the first round.
“FATF got irritated at their [Khawaja Asif, Ahsan Iqbal and Miftah Ismail] congratulatory messages on twitter, which were in violation of its norms … the FATF usually announces its decisions via a press releases,” the source added.

The writer is a staff correspondent

Published in The Express Tribune, February 26th, 2018.
 

Joe Shearer

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https://www.dawn.com/news/1390711/pakistan-gets-reprieve-on-fatf-watchlist-says-asif

ISLAMABAD: Pakistan has been given a three-month reprieve by a global watchdog over a US-led motion to put the country on a terrorist financing watchlist, Foreign Minister Khawaja Asif said late on Tuesday.

Member states of the Financial Action Task Force (FATF) have been meeting this week in Paris, where it was expected that they would decide on a US motion — backed by Britain, France and Germany — to have Pakistan added to the so-called ‘grey list’ of countries not doing enough to comply with terrorist-funding regulations.
Our efforts paid,FATF Paris 20Feb meeting conclusion on US led motion to put Pakistan on watch list​
-No consensus for nominating Pakistan​
-proposing 3months pause &asking APG for another report to b considered in June الحمداللہ​
Grateful to friends who helped​


Mr Asif tweeted that Pakistan’s “efforts have paid (off)” during a Tuesday meeting on the US-led motion, suggesting there was “no consensus for nominating Pakistan”.

He also suggested the meeting proposed a “three months pause” and asked for the Asia Pacific Group, which is part of FATF, to consider “another report in June”.

“Grateful to friends who helped,” Mr Asif added.

Published in Dawn, February 21st, 2018
I'm sorry to have to say this, but Asif either grossly misunderstood the situation or he lied. It is said in some quarters that his tweet itself annoyed decision-makers and they voted against Pakistan in subsequent meetings. The reason is said to be that meetings of FATF are strictly confidential, and it is not intended that details of these meetings should be publicised.

As it seems to be leading to the sequestration of the assets of the JuD, it seems to be having some effect; why is it so often argued that it has had, and will have, no effect?
 

Hithchiker

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I'm sorry to have to say this, but Asif either grossly misunderstood the situation or he lied. It is said in some quarters that his tweet itself annoyed decision-makers and they voted against Pakistan in subsequent meetings. The reason is said to be that meetings of FATF are strictly confidential, and it is not intended that details of these meetings should be publicised.

As it seems to be leading to the sequestration of the assets of the JuD, it seems to be having some effect; why is it so often argued that it has had, and will have, no effect?
Friends do support publicly , if really they are..Not ashamed of there support..Though to me these type of actions are blessing in disguise Turkey did not feel embarrassed though .Further its more to do with US in the context of Afghanistan..They make take on face saeed or any other but its just a US way to humiliate in the context of strained relations Pakistan have now a days..

"But amid a flurry of diplomatic activity a second vote was held, with the US convincing Riyadh to change its vote and Beijing staying silent, the source said."
http://www.firstpost.com/world/china-saudi-arabia-withdraw-support-for-pakistan-at-fatf-islamabad-to-devise-strategy-to-stay-off-terror-financing-list-4368257.html
 

Hellhound

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Friends do support publicly , if really they are..Not ashamed of there support..Though to me these type of actions are blessing in disguise Turkey did not feel embarrassed though .Further its more to do with US in the context of Afghanistan..They make take on face saeed or any other but its just a US way to humiliate in the context of strained relations Pakistan have now a days..

"But amid a flurry of diplomatic activity a second vote was held, with the US convincing Riyadh to change its vote and Beijing staying silent, the source said."
http://www.firstpost.com/world/china-saudi-arabia-withdraw-support-for-pakistan-at-fatf-islamabad-to-devise-strategy-to-stay-off-terror-financing-list-4368257.html
Some friends they are.
Anyway if Pakistani has even tiny bit of dignity left in them they should say screw you we are looking after our house first.
 

Joe Shearer

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Friends do support publicly , if really they are..Not ashamed of there support..Though to me these type of actions are blessing in disguise Turkey did not feel embarrassed though .Further its more to do with US in the context of Afghanistan..They make take on face saeed or any other but its just a US way to humiliate in the context of strained relations Pakistan have now a days..

"But amid a flurry of diplomatic activity a second vote was held, with the US convincing Riyadh to change its vote and Beijing staying silent, the source said."
http://www.firstpost.com/world/china-saudi-arabia-withdraw-support-for-pakistan-at-fatf-islamabad-to-devise-strategy-to-stay-off-terror-financing-list-4368257.html
To be honest, while the America-Pakistan rift-that-is-not-a-rift plays out, from our perspective, it is far more important that Pakistan take serious action against the three-letter acronym groups that are responsible for the bloodshed in Kashmir. Hafiz Saeed's case is one of the worst; from whatever information is available, he was brought to trial and then acquitted, because the prosecution put up a very weak case. Whether that was deliberate or on purpose, we cannot tell, from our point of view, but there is an abiding suspicion that the prosecution may not have been sufficiently zealous.
 

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Absolutely no sense. Saudi Arabia nor China has voted against Pakistan.
 

Hithchiker

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Absolutely no sense. Saudi Arabia nor China has voted against Pakistan.
Unfortunately, China abstained and GCC switch at last moments...This is what confirmed by Interior Minister tweet and Adviser (Finance)Dr.Miftha in media, presented at the meeting...
Chinese ambassador referred to issue as complex ..While there is complete silence from GCC ...
On the other hand its complete failure of government diplomacy
Govt confirms Pakistan will be placed on FATF terror financing watchlist in June
https://www.dawn.com/news/1392285/govt-confirms-pakistan-will-be-placed-on-fatf-terror-financing-watchlist-in-june
 

Hithchiker

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To be honest, while the America-Pakistan rift-that-is-not-a-rift plays out, from our perspective, it is far more important that Pakistan take serious action against the three-letter acronym groups that are responsible for the bloodshed in Kashmir. Hafiz Saeed's case is one of the worst; from whatever information is available, he was brought to trial and then acquitted, because the prosecution put up a very weak case. Whether that was deliberate or on purpose, we cannot tell, from our point of view, but there is an abiding suspicion that the prosecution may not have been sufficiently zealous.
Actually my context was more focused on FATF vis-a-vis US
 

Scorpion

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Unfortunately, China abstained and GCC switch at last moments...This is what confirmed by Interior Minister tweet and Adviser (Finance)Dr.Miftha in media, presented at the meeting...
Chinese ambassador referred to issue as complex ..While there is complete silence from GCC ...
On the other hand its complete failure of government diplomacy
Govt confirms Pakistan will be placed on FATF terror financing watchlist in June
https://www.dawn.com/news/1392285/govt-confirms-pakistan-will-be-placed-on-fatf-terror-financing-watchlist-in-june
Can I get the actual tweet if you don't mind?
 

Scorpion

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Actually this tweet re-enforce where he appreciated only Turkey (as evident the only one to stand till last)..While other was media talk

Its indeed odd and I'm still not convinced. Why would Saudi Arabia and China took the back seat is beyond my understanding.
 

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