Here are the top 10 developments in the matter:
1) 'No consensus on nomination of Pakistan': Asif in a midnight tweet thanked "friends" who helped Pakistan avoid a major international embarrassment.
"Grateful to friends who helped," he added.
Our efforts paid,FATF Paris 20Feb meeting conclusion on US led motion to put Pakistan on watch list
-No consensus for nominating Pakistan
-proposing 3months pause &asking APG for another report to b considered in June الحمداللہ
Grateful to friends who helped
— Khawaja M. Asif (@KhawajaMAsif) February 20, 2018
By now, there might not be any surprise over Beijing shielding Islamabad from the fallout of its support for proscribed terrorist organisations -- China has protected Masood Azhar, the leader of Pakistan-based terrorist organisation Jaish-e-Mohammed (JeM), by preventing the Security Council from sanctioning him as an international terrorist. However, if reports of Russia's involvement are accurate, the development could raise eyebrows in New Delhi, given its close defence ties and strategic partnership with Moscow.
Described as a "long-standing and time-tested partner" by India, Russia was reportedly among the countries that were not in agreement with the proposal to place Pakistan back on the terror financing watchlist. With the resultant failure in arriving at a consensus, the watchdog did not table the motion, which was jointly moved by the US and the United Kingdom (UK) against Pakistan, for voting in its plenary session.
3) Germany, France backed US motion:
The reports said that Germany and France backed the US motion
. According to a Reuters
report, Pakistan's de facto finance minister, Miftah Ismail, had said the US and Britain had put forward the motion several weeks ago. Ismail added that they later persuaded France and Germany to co-sponsor it.
4) Being placed on the watchlist would have chilled trade and investment: Being placed on the FATF watchlist carries no direct legal implication but brings extra scrutiny from regulators and financial institutions. That could have chilled trade and investment and increased transaction costs, according to experts.
Any decision to put Pakistan back on the list would have translated into a "major setback for Islamabad's efforts to improve its image", according to Dawn.
Analysts had feared that punitive action could be taken against Pakistan if it was found to be complicit in terror financing. Such an action would have jack up the cost of doing international and domestic business.
The plenary meetings will take place from February 21 to 23 and will focus on counter-terrorism financing and proliferation financing.
10) FATF's role and functions: The FATF was established in 1989 to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and checking other related threats to the international financial system.
It has developed a series of recommendations that are recognised as the international standard for combating money laundering and the financing of terrorism.
With agency inputs