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When Pakistan returned to FATF, it showed that a lot is possible for a country if the national leadership works together. All concerned in Pakistan worked to bring about corrections in the domestic financial system. After great efforts, FATF’s conditions were met, and it became simply impossible for terror organizations and other elements to turn black money into white for their ill purposes. It has now become very difficult for enemies of the state to misuse the financial system. Now black funds cannot be laundered or moved around. The state has been strengthened and there will not be acceptability anymore to use ill-gotten money for nefarious purposes. Pakistan never deserved to be on the FATF grey list in the first place. What was needed was more responsibility on part of the regulatory bodies. Grey-listing drives away investors and lenders. It also discourages exports and puts up unnecessary barriers for the global financial system to come into the country.

Pakistan must act to make sure the risks do not rise again. It is at a difficult juncture in its history, with global powers always hurrying to punish the country for wrong-doings it never committed. It must therefore cover its weak spots and strengthen those areas that could be vulnerable.

Prime Minister Shahbaz Sharif, along with his government, is taking all the credit for the achievement. When he and his party were in the opposition, they had walked out of parliament to avoid taking part in a debate on FATF. The country was put into the grey list during the Nawaz Sharif government but after they lost the elections, it was Imran Khan and his government that got to do all the work to have the country welcomed to FATF again. In the three and a half years that Imran Khan was in power, he did all he could to get Pakistan out of the FATF grey list. He appointed an exclusive team under the then federal minister Hamad Azhar and they worked hard at meeting all the requirements that the FATF came up with. Measures were taken to remove obstacles as best as possible. The countries that did not want Pakistan to come out of the grey list were India and many others countries.

In this context the Pakistan Army must also be commended because it formed a separate cell under a serving Major General and ensured that all points raised by the FATF were addressed one by one and relevant remedies were found. Pakistan has taken steps to ensure that all requirements are complied with completely. However, care must be taken by the concerned sectors that no aspects are violated because this may put things in reverse and give other forces a chance to interfere in civilian matters. What is further needed is constant vigilance of how all FATF points are complied with. The FATF regime is a great learning experience for Pakistan and full advantage must be taken to make the country fully compliant after its harrowing experience of being on the grey list for four and a half years.

Syed Jawaid Iqbal
President & Editor in Chief