Serious repercussions if Pakistan put on FATF terror watch list

Serious repercussions if Pakistan put on FATF terror watch list
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LONDON: Member British parliament Lord Nazir Ahmed has on Saturday warned of serious repercussions if Pakistan is placed on global terror-financing watchlist of Financial Action Task Force (FATF).

Nazir stated that flow of Foreign Direct Investment would suffer a major blow if motion is adopted by the member nations. He has penned a letter to British government for reviewing the decision. Nazir accused Pakistan’s government of lack of timely action.

As per news garnered thus far, UK has lend its support to US’s motion aimed at placing Pakistan on FATF’s watchlist. The meeting of FATF will begin on February-18 and would continue till February-23 this month in Paris.

Pakistan remains optimistic that motion wouldn’t be adopted by FATF as Turkey, Russia and China are content with the steps taken by Islamabad to curb terror-financing.

The FATF is an international policy-making and standard-setting body dedicated to combating money laundering and terrorist financing. However, watchdog lacks power to impose sanctions.

Economy