(27 June, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of and former provincial minister Mian Zahid Hussain on Wednesday said that Pakistan’s delegation under leadership of caretaker finance minister doctor Shamshad Akhtar is in Paris to plea Pakistan’s stance and present Country’s case in the ongoing Financial Action Task Force (FATF) meeting to be concluded on June 29, 2018. 203 member countries and delegation of United Nations, World Bank and IMF are also participating in the meeting. Pakistan has taken concrete measure to avoid inclusion in the FATF’s grey list. As per National Counter Terrorism Authority (NACTA) sources, according to United Nation’s Security Council resolutions restrictions have been imposed on prescribed individuals and groups however, assets could not freeze due to serious reservations.
The veteran business leader while talking to the business community said that Pakistan has presented its strong defence which shows that Pakistan may be excluded from the grey list on global watchdog on terror financing; however, final announcement in this regard is expected at the end of this meeting. After inclusion of Pakistan in grey list of FATF on US, UK, Germany and France recommendation earlier this year in February, SECP has made and implemented new regulations on the banking sector in line with the AML/CFT recommendations of FATF.
The former minister said that Pakistan has prepared a solid action plan for FATF’s review. The current interim government, headed by caretaker Prime Minister Nasirul Mulk, held its first National Security Committee meeting this month to discuss FATF plenary and in a statement announced shows satisfaction over measures taken by Pakistan. In last two months the Country has taken various steps to meet FATF regulations. Pakistan has regulated the financial sector but Pakistan needs diplomatic backing from China, Saudi Arabia, and Turkey as US and India are trying hard to put Pakistan in grey list.
Mian Zahid Hussain said that Pakistan promised to share reports with FATF next year on actions against proscribed organisations, money laundering, smuggling and domestic and international cash couriers. If Pakistan has kept in the grey list, the declining stock exchange and suffering trade situation will further decline. Foreign investment will decrease and investors’ trust on the Country will shake. Pakistan’s economy has suffered and Moody’s has changed Country’s status from stable to negative due to the losses born by National economy when Pakistan had included in the grey list of FATF in February this year.
