ISLAMABAD: Pakistan may be at risk of being placed back on the international terror-financing watch list of the Financial Action Task Force (FATF).
FATF began its six-day plenary meeting in Paris on Sunday to discuss the safety and security of the global financial system.
The resolution to place Pakistan on FATF’s list is spearheaded by the US, with the support of Britain, France and Germany. The US has reportedly had concerns about the depth of Pakistan’s commitment to tackling money laundering and terror financing.
US-Pakistan relations hit a new low last year when Washington — unveiling its new strategy for Afghanistan — accused Pakistan of harboring and supporting terrorists.
Pakistani Foreign Minister Khawaja Mohammed Asif is currently visiting Moscow on a four-day tour, at the invitation of his Russian counterpart Sergey Lavrov.
Asif will likely raise Islamabad’s concerns about the FATF in an attempt to muster Russian support against the four countries leading the attempt to include Pakistan on the watch list.
Last year, FATF’s International Cooperation Review Group resolved to scrutinize Pakistan’s apparent support of proscribed groups operating on its soil and requested a report on the country’s efforts to combat terror financing ahead of the its next sessions. The global intergovernmental organization meets three times a year.
“This time (the effects) would be even greater because there are other pressures on Pakistan,” political commentator and retired Lt. Gen. Talat Masood told Arab News, speculating on what might happen should Pakistan be included on the watch list again.
“Pakistan’s balance-of-payment position is very adverse at the moment and internal stability is not good. It will have a greater impact than it had last time,” he continued, urging the government to take “appropriate measures” to combat the imminent danger of sanctions.
Pakistan spent five years on FATF’s watch list from 2010, before its compliance with international standards saw it removed from the list.
Masood said that if financial restrictions are imposed on Pakistan, it would be as a result of the country’s “foreign policy and internal situation,” which he said the government needs to review and revise to avoid risking Pakistan’s economic stability and further tainting the country’s international image.
Former diplomat Javed Hafiz, however, believes “it’s an institutional, not a policy, problem.”
Hafiz told Arab News, “It’s a pressure tactic to force Pakistan to do more than it’s already doing. It’s already in our national action plan not to allow banned organizations (or individuals) to operate, even under a new name, and to freeze their assets.”
Senior economist Dr. Syed Nazre Hyder described the potential impact of Pakistan’s inclusion on the watch list — should it happen — as “near lethal.” He pointed out that the cost to banks’ customers will rise, investors in the international capital market would request a much higher rate of return from Pakistan, and multilateral financing organizations would add risk premiums on any money borrowed.
Furthermore, financial experts fear the International Monetary Fund (IMF) may reject any loan extension Pakistan might request as a bailout to curb its widening trade deficit, or offer a new deal with stricter guidelines dictated by the US and the European Union.
“Pakistan will need a loan to pay off its debt burden,” Hyder told Arab News. “If it’s included on the list, the country will face a serious challenge sourcing funds for repayment leading to the possibility of default. This would cripple Pakistan economically.”
Dr. Ashfaq Hasan Khan, a former adviser to the Ministry of Finance, believes Pakistan’s inclusion on the FATF’s list may not have the expected impact, however.
“Pakistan has done a lot as far as anti-money laundering is concerned. It’s taken additional steps last week to further strengthen (that section of law),” said Khan, referring to the government’s seize, freeze, and control operation against Jamat-ud-Dawa (JuD) and its charity wing, the Falah-e-Insaniat Foundation (FIF).
Both JuD and FIF are linked to Hafiz Saeed, whom India accuses of masterminding the November 2008 attacks in Mumbai. Saeed has a $10 million bounty on his head.
Khan believes the impact on Pakistan’s relations with the international financial market would be insignificant. The FATF, he pointed out, “deals with terror financing and money laundering, against which we have taken action.”
Khan said the present government would not allow the US “to pull Pakistan’s strings financially.”
India has also lobbied for Pakistan’s inclusion on the FATF list. But Islamabad is banking heavily on support from China, Russia, Turkey, and members of the Gulf Cooperation Council.
Masood, for one, thinks Pakistan’s need for Chinese support is worrying.
“We are relying far too heavily on China. I don’t think even China likes that,” he said, adding that Pakistan needs to focus on internal stability before it can successfully resist international pressure, and that it should use its relationship with China to gain tangible benefits, rather than “frittering it away to counter negative pressure from the US, India and others.”
Pakistan could face financial sanctions from FATF, say analysts
Pakistan could face financial sanctions from FATF, say analysts
US charges Iranian man in plot to kill Donald Trump
- Shakeri told the FBI he didn’t plan to propose a plan to murder Trump
- The plot reflects what federal officials have described as ongoing efforts by Iran to target US government officials
WASHINGTON: The Justice Department on Friday disclosed an Iranian murder-for-hire plot to kill Donald Trump, charging a man who said he had been tasked by a government official before this week’s election with assassinating the Republican president-elect.
Investigators learned of the plot to kill Trump while interviewing Farhad Shakeri, an Afghan national identified by officials as an Iranian government asset who was deported from the US after being imprisoned on robbery charges.
He told investigators that a contact in Iran’s paramilitary Revolutionary Guard instructed him this past September to put together a plan within seven days to surveil and ultimately kill Trump, according to a criminal complaint unsealed in federal court in Manhattan.
Two other men who the authorities say were recruited to participate in other assassinations, including a prominent Iranian American journalist, were also arrested Friday. Shakeri remains in Iran.
“There are few actors in the world that pose as grave a threat to the national security of the United States as does Iran,” Attorney General Merrick B. Garland said in a statement.
The plot, with the charges unsealed just days after Trump’s defeat of Democrat Kamala Harris, reflects what federal officials have described as ongoing efforts by Iran to target US government officials, including Trump, on US soil. Last summer, the Justice Department charged a Pakistani man with ties to Iran in a murder-for-hire plot.
Russia says summoned Canadian diplomat to reject Western sabotage accusations
- Moscow said the Canadian diplomat “was told that these speculations” were being spread in a “coordinated manner, in the context of the hybrid war” being waged against Russia
- Russia blasted the allegations as “false,” “unacceptable” and part of a “provocation” being led by the US
MOSCOW: Moscow summoned a Canadian diplomat on Friday to rebut Western allegations that Russia’s secret services had orchestrated a campaign to mail explosive packages to addresses in NATO countries, including Canada.
After a series of fires at DHL depots in Britain and Germany this summer, Russia was accused of being behind a brazen plot to ship explosive parcels via commercial airliners.
Ottawa expressed its concern earlier this week to Russian officials after Poland and Lithuania announced several arrests as a result of a probe into attempts to send parcels packaged with explosives on cargo flights to the United States and Canada.
“The deputy head of the Canadian diplomatic mission in Moscow was summoned and handed an official note in connection with the false accusations of alleged planned ‘Russian sabotage’ against NATO countries,” Russia’s foreign ministry said.
Moscow said the Canadian diplomat “was told that these speculations” were being spread in a “coordinated manner, in the context of the hybrid war” being waged against Russia by the West.
Russia blasted the allegations as “false,” “unacceptable” and part of a “provocation” being led by the United States.
Canada’s public safety ministry said Ottawa is “aware of and deeply concerned with Russia’s intensifying campaign, from cyber incidents and disinformation operations to sabotage activities.”
It confirmed the Canadian government had “expressed this concern directly to Russian officials and unequivocally stated that any threat to the safety and security of Canadians is unacceptable.”
The ministry added there was “no imminent threat” to the public but said Canada “will continue to monitor the situation very closely.”
Canada’s Transport Minister Anita Anand told reporters on Wednesday that she required “more information” on the alleged plot but said she would taking “additional steps” to ensure the safety of passengers and packages, without providing details.
The reported plot, involving civilian airlines, comes amid growing concern in the West at what it sees as Russia’s increasingly reckless espionage and sabotage operations inside NATO countries.
“Russian intelligence services have gone a bit feral, frankly,” Richard Moore, head of Britain’s MI6 secret intelligence service said in September in rare public remarks.
Governor Koike discusses areas of cooperation with Egyptian Prime Minister Madbouly
- Dr. Mostafa Madbouly congratulated Koike on her re-election as Governor of Tokyo
- The Prime Minister also lauded Japan’s contribution to implementing the Japanese Tokkatsu educational system
TOKYO: Governor of Tokyo, Koike Yuriko, who is visiting Cairo, met Egyptian Prime Minister Dr. Mostafa Madbouly on Friday at the government headquarters in the New Administrative Capital and discussed several cooperation initiatives, Tokyo Metropolitan Government (TMG) officials told Arab News Japan.
The officials said Dr. Amr Talaat, Egypt’s Minister of Communications, and Information Technology; Ambassador Ahmed Shahin, Assistant Minister of Foreign Affairs for Asian Affairs; Mr. Katsunobu Takada, Chargé d’Affaires at the Japanese Embassy in Cairo, and Governor Koike’s accompanying delegation attended the meeting.
At the beginning of the meeting, the Prime Minister warmly welcomed Governor Koike and her delegation. He underscored the strategic and historical relations between Egypt and Japan, a testament to the enduring bond that continues to flourish in various fields.
Dr. Mostafa Madbouly congratulated Koike on her re-election as Governor of Tokyo in July for the third consecutive term and expressed his hopes for continued close coordination on various areas of bilateral cooperation.
The Prime Minister also expressed his fervent hope that Japan’s Prime Minister, alongside Governor Koike, will grace the official opening ceremony of the Grand Egyptian Museum once the project is finalized. He also extended his gratitude for Japan’s substantial contributions to major development projects in Egypt, including the museum.
Dr. Madbouly highlighted the Grand Egyptian Museum project as one of the foremost examples of cooperation between Cairo and Tokyo, along with the Egyptian Japanese educational partnership, exemplified by the Egypt-Japan University of Science and Technology and Japanese Egyptian schools.
The Prime Minister also lauded Japan’s contribution to implementing the Japanese Tokkatsu educational system, affirming that Egypt is planning to expand this system. He attributed this decision to President Abdel Fattah El-Sisi’s directive, acknowledging the system’s remarkable success and high quality.
Dr. Madbouly also highlighted the ongoing cooperation between the Ministry of Communications and Information Technology and TMG through the “SUSHI Tech Tokyo” initiative, a platform for promoting technological innovation, and the “Tokyo Innovation Base” platform, a hub for fostering entrepreneurial activities and technological advancements.
In turn, Governor Koike praised the bilateral cooperation between Egypt and Japan, expressing her happiness to visit Egypt, where she has unforgettable memories, having studied at Cairo University.
Koike also commended the well-organized 12th World Urban Forum, a global platform for discussing urban issues and solutions, which attracted a wide global audience.
In the meeting, Tokyo Governor Koike invited the Prime Minister, the Minister of Communications, and other Egyptian entities to participate in the upcoming “SUSHI Tech Tokyo” forum, scheduled for the first half of 2025. She noted that Japan has worked over the years to establish itself as a hub for startups and a welcoming environment for entrepreneurs.
Dr. Amr Talaat discussed several collaborative programs with Koike in information and communication technology, artificial intelligence, cybersecurity, and entrepreneurship. They explored the potential for experience exchange in business incubators for small projects across various sectors, including financial services, health care, and education.
Talaat highlighted that one of the main areas of cooperation with Tokyo’s government is in the startup and entrepreneurship sectors.
Governor Koike is in Egypt on the first leg of a tour of the region that includes Abu Dhabi of the UAE.
Germany brushes off Musk calling Scholz a ‘fool’
- Government spokeswoman Christiane Hoffmann took a playful dig at the US tycoon, saying that “on X, you have Narrenfreiheit,” which translates to the freedom to act like a fool
- A tight-lipped Scholz simply called it “not very friendly“
BERLIN: German officials on Friday brushed off tech billionaire Elon Musk labelling Olaf Scholz a “fool” on his social media platform X after the dramatic collapse of the chancellor’s coalition government.
In a comment Thursday above a post about the implosion of Scholz’s long-troubled coalition, the world’s richest man tweeted in German: “Olaf ist ein Narr” — “Olaf is a fool.”
Asked about Musk’s comment, government spokeswoman Christiane Hoffmann took a playful dig at the US tycoon, saying that “on X, you have Narrenfreiheit,” which translates to the freedom to act like a fool.
The word refers to revellers during Germany’s traditional carnival season, which starts next week, having the freedom to act without inhibitions.
Historically, the term echoes the notion of the “jester’s privilege” — the right of a court jester to mock those in power without being punished by the king.
Asked later about the comment, a tight-lipped Scholz simply called it “not very friendly,” adding that Internet companies are “not organs of state so I did not even pay it any attention.”
Musk strongly supported US election winner Donald Trump, and is now positioned to take up a role in his administration as a deputy tasked with restructuring government operations.
It is not the first time the Tesla boss has had run-ins with German officials online.
Last year he said Berlin-funded migrant rescue operations in the Mediterranean could be seen as an “invasion” of Italy, sparking a terse response from the German foreign ministry.
He has also expressed sympathy for some of the positions of Germany’s far-right AfD party, which has notched up a string of recent electoral successes and is riding high in the opinion polls.
First flight with Israelis evacuated from Amsterdam lands in Tel Aviv
- The plane that arrived in Tel Aviv had passengers evacuated from Amsterdam
TEL AVIV: The first flight carrying Israelis evacuated from Amsterdam after violent clashes following a football match there landed on Friday at Ben Gurion International Airport, the Israel Airports Authority said.
“The plane that arrived in Tel Aviv now has passengers evacuated from Amsterdam,” Liza Dvir, spokeswoman for the airport authority told AFP.
