ISLAMABAD: Adviser to Prime Minister on Finance, Miftah Ismail has said Pakistan’s listing on FATF’s grey list would not have any negative impact on the economy.
He said this while answering the questions of opposition lawmakers in the National Assembly on Thursday, according to media reports.
Dr. Ismail stated there was no chance of Pakistan being placed on FATF’s blacklist and emphasized the placing on the grey list from June would impact the country’s reputation and trouble banking transactions.
He said the country currently wasn’t on any grey list and will be placed on it in June. Mr. Ismail added Pakistan would remain on the grey list for a period of six to 12 months.
Placing Pakistan on the grey-list was vigorously pushed by India and the U.S, said Mr. Ismail. He said both countries wanted to humiliate Pakistan rather than restricting money laundering and counter-terror financing.
Advisor to PM on Finance highlighted that strict anti-money laundering laws were already in place in Pakistan.
He shared Pakistan was put on the grey list in 2008, but such limitations weren’t imposed on it like they were done on Iran and North Korea.
Mr. Ismail said Pakistan was struck down from the grey list in 2010 and again remained on it from 2012 to 2015. He added Pakistan was able to raise bonds from the international markets during this time mentioned above besides obtaining loans from World Bank and Asian Development Bank (ADB).
It was required from Pakistan to submit a report to Asia Pacific Group which was done in 2016 and 2017 respectively, said adviser to PM on Finance. He shared these reports had been analyzed by Canada last time.
He said the US moved a motion against Pakistan on January 20th for nominating it on the grey list, a move which was supported by Germany and France. Mr. Ismail stated the formal procedure required the proposal to be forwarded to Pakistan, which wasn’t followed.
And he highlighted this was against the standard practice and FATF decided to proceed directly against Pakistan.
The adviser to PM on Finance said Pakistan communicated its reservation to the FATF and made diplomatic efforts to counter this move.
On February 12th, Pakistan forwarded another report to Asia Pacific Group, which highlighted measures like making revisions in anti-terrorism act were mentioned alongside taking action against organizations placed on UNSC’s blacklist, said Mr. Ismail.
He said FATF had been suggested to provide a detailed compliance report by May 2018 and to not put Pakistan on the grey list, but that move was rejected under influence of the U.S and India.
