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Showing posts from August 21, 2019

Multi-billion dollar fine on Pakistan puts the spotlight on a secret court.

Multi-billion dollar fine on Pakistan puts the spotlight on a secret court.https://www.trtworld.com/magazine/multi-billion-dollar-fine-on-pakistan-puts-the-spotlight-on-a-secret-court-29141The Reko Diq mine case shows the overreach of a secretive arbitration system.Last month, the International Centre for Settlement of Investment Disputes (ICSID), a global quasi-court, slapped more than a $5 billion fine on Pakistan in an arbitration case involving a gold and copper mine. But the ICSID, which is part of the World Bank Group, didn’t initially announce its decision. There was nothing on its website. Except for perhaps the lawyers involved in the case, hardly anyone had seen the judgement*. Instead, the news of the award came through Antofagasta and Barrick Gold, the two multinational mining companies seeking compensation, which is one of the largest ever awarded by the ICSID.ICSID is part of what is known as the Investor State Dispute Settlement (ISDS) mechanism, which was formed to add…

Three reviews to determine Pakistan’s place on FATF list

Khaleeq KianiUpdated August 21, 2019
Three separate evaluations currently in progress will determine Pakistan’s possible exit from the grey list of the Financial Action Task Force (FATF) by the mid of October. — FSC.go.kr/FileISLAMABAD: Three separate evaluations currently in progress will determine Pakistan’s possible exit from the grey list of the Financial Action Task Force (FATF) by the mid of October.A senior government official told Dawnthat Asia-Pacific Group — the regional affiliate of the FATF — was currently conducting in Canberra (Australia) five-year mutual evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors.Read: FATF compliance will require all-out effortThis round is not directly linked to Pakistan’s performance on its highest level commitments with the FATF on money laundering and terror-financing, but its assessment report can indirectly impact the country’s position to move out of the grey list. The a…