With pressure mounting on Pakistan, the country is insisting that the Financial Action Task Force (FATF), an international terror financing watchdog, removes India as co-chair of its Asia-Pacific Joint Group.
The Pakistani Finance Ministry informed its country.
Pakistan is currently placed on the FATF’s ‘grey list’ and risks getting black listed by the year end if it does not improve on terror financing mechanisms.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Paris-based FATF.
This is a measure that officials here fear could further hurt its economy.
In a letter addressed to FATF President Marshall Billingslea, Pakistan Finance Minister Asad Umar asked him to appoint any other member country besides India as co-chair of the Asia-Pacific Joint Group “to ensure that (the) FATF review process is fair, unbiased and objective”, the finance ministry said in a statement.
The Joint Group is a sub-body of the FATF’s International Cooperation Review Group (ICRG) of the Asia Pacific Group. Pakistan is a member of the APG and its case is being presented before the FATF by the APG.