International acknowledgement

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     Pakistan has been acknowledged internationally as a hotspot of terror financing since it was put under the grey list of Financial action was force(FATF) in 2018. This was a major blow to Pakistan's international reputation.


    FATF is an intergovernmental organisation formed in 1989, headquartered in Paris, which monitored and sanctioned money laundering. But since 9/11, the mandate of FATF has expanded to include tackling of terrorist financing. There is empirical evidence that money laundering is associated with organised crime. The Golden crescent is a region in Asia which includes Pakistan, Afghanistan and Iran popular for illicit drug production. The illegal money is then laundered to finance terrorism activities around the globe.

    Countries that are considered as a safe haven to money laundering and terror financing are kept under the grey list. When a country is put under grey list, directives are given by FATF to those countries to implement it within a given time frame failing which it will be added in the black list. Once a country is listed in the black list, financial sanctions, trade and travel embargoes are imposed on the nation. Presently Iran and North Korea are under the black list.

    A black listed country is likely to lose its credit rating from international credit rating agencies. Fresh investments and foreign capital flows will decrease significantly because of this. International institutions  like the World Bank, IMF, Asian Development Bank, etc. will also stop financial aid and assistance. Many of the UN organisations will follow the same. Pakistan has been recognised as one such ground for money laundering and terrorist financing.

    In the present ongoing tussle with China, India needs to convince China that India is the second nation in Asia after China which has a huge impact and influence in the region, that China cannot ignore the diplomatic strength of India and supporting Pakistan, a grey listed country will question the intentions, tactics and integrity of China in the international forum.

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