If a domestic policy of a developing country is against their interests, they jointly lobby and exert pressure to have it changed.
Therefore, the global establishment puts pressure on the developing countries to adopt its recommended policies in return for aid or loans, hence controlling their respective national policies. The global institutions, such as the International Monetary Fund (IMF), the World Bank and the World Trade Organisation (WTO), maintain close liaison with handpicked developed countries that house the world’s largest multi-national corporations under the patronage of international investors. It was reported to have links with about 3,000 such companies, and the recently released Pandora Papers prove the point. Besides, according to the FinCEN files, London is the hub of major money-laundering activities. Leading Western banks have been some of the main facilitators of money-laundering.
In what is known as FinCEN files scandal, leaked documents involving transactions worth about $2 trillion have already shown how some of the world’s biggest banks allowed criminals to move ill-gotten money around the world. Pakistan has had its interactions with the FATF over the years and is currently placed on the ‘grey list’ apparently for reasons that run deeper than what they look like on the surface. Initially, it was believed to be a neutral body, but later it was exposed as biased because the handpicked developed countries changed its course.
Within its scope are efforts to combat money-laundering, terrorism financing and proliferation of weapons of mass destruction. THE Financial Action Task Force (FATF), an inter-governmental body, was founded by the Group of Seven (G7), a bunch of global elite, after the fall of the Soviet Union to pursue the dream of being powerful forever in order to dictate the world at large.
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