FORUM Financial WARS

Feb 14 2020

Erdogan to help Pakistan stay off terrorism financing blacklist

Turkish President Recep Tayyip Erdogan on Friday said he would help Pakistan stay off a terrorism financing blacklist at a meeting of a global finance watchdog. The move, he said, would counter “political pressure” from Islamabad’s critics.

The Financial Action Task Force (FATF), which tackles money laundering, told Islamabad late last year that it could face blacklisting if it continued to apply inadequate controls over terrorism financing. The FATF is meeting next week in France. Support from Turkey and longtime allies like China, Malaysia and Saudi Arabia could help Pakistan remain off the blacklist, Reuters said. A minimum of three votes are required for any country to escape the blacklisting.

If it joined the blacklist alongside Iran and North Korea, Islamabad would face sanctions and economic setbacks. The FATF has Pakistan on its “gray-list” of countries with inadequate controls over curbing money laundering and terrorism financing.

Of 40 recommendations made by the watchdog, Pakistan had fully complied with one, largely complied with nine, partially complied with 26, and totally missed four parameters, a review by the group last year said.

Written by TEXAS


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