General

Pak needs to focus on action plan to avoid inclusion in FATF watchlist: Miftah

Prime Minister’s adviser on finance Miftah Ismail has alleged that Pakistan was made a “target of politics” at the ongoing meeting of the Financial Action Task Force (FATF), where a US-sponsored resolution to consider placing Pakistan on a watchlist of countries that financially aid terrorism remained inconclusive.
In an interview to a private TV channel, Ismail said Pakistan was made a “target of politics” despite the country’s tangible efforts to crack down on money laundering and terror financing.
“What do [they] want? They just want to humiliate Pakistan. Pakistan is not a big money launderer,” he said.
“If they were bothered about terror financing, they would work with us, they would see how much we have done and [what more] we will do till June,” the adviser continued.
Earlier on Friday, Indian media and Reuters, quoting sources, had claimed that Pakistan had been added to the grey-list of the global money-laundering watchdog. However, the list, called ‘jurisdictions with strategic deficiencies’ available on FATF’s website, does not include Pakistan. The list includes the names of Ethiopia, Iraq, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen.
Manager communications FATF Alexandra Wijmenga-Daniel told Geo News correspondent Khalid Hameed Farooqi that the said list was “final”.
When asked about reports circulating in international media claiming Pakistan had been added to the grey-list, she said FATF was not responsible for reports in the media.
‘No significant effect on economy’
Miftah Ismail earlier assured that Pakistan will see no substantial effect on its economy if placed on the FATF grey-list.
The adviser said that Pakistan was placed on the list between 2012 and 2015, but the stock market still grew by three percent. He added that the fundamentals of the country’s economy are strong.
“Nothing is going to happen before June… [but even then] nothing really will happen to Pakistan. It is not a big issue,” he told Geo News.
FATF is a global body that combats terrorist financing and money laundering. Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF.
The next plenary meeting of FATF is expected to take place in June this year.