ISLAMABAD – Malaysian Foreign Minister Datuk Saifuddin Abdullah confirmedon Saturday that with the support of the country, Pakistan can no longer beblacklisted by Financial Action Task Force (FATF).
The comments came after Pakistan’s Prime Minister Imran Khan telephonedMalaysian counterpart Mahathir Mohamad in London to thank Malaysia for itssupport of Pakistan’s bid to avoid being blacklisted by the FinancialAction Task Force (FATF).
After taking the six-minute call at the Malaysian High Commission, DrMahathir told the Malaysian media that Malaysia showed its support toPakistan as the country has upped its war against money laundering.
“We decided based on the rule of law. Not due to animosity,” he affirmed.
Malaysia’s support was seen as crucial for Pakistan to avoid beingblacklisted by global watchdog; India had put forth a motion with FATF toblacklist the country for money-laundering activities linked to terrorism,however, with Malaysia’s backing, Pakistan now has the support of threenations.
Mahathir admitted that money laundering was a major problem and it ishappening because of the borderless world that allows free flow of capital.
There was no point blacklisting any particular nation, he elaborated.
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The Malaysian premier also highlighted that the free flow of capital hasaffected other countries as well, including Malaysia, where capitalistshave invested huge amounts of money in the share markets hiking shareprices.
“At the end of the day, they sell their shares for a profit and take backtheir capital and their earnings at the expense of the countries theyinvested in,” he said.
Dr Mahathir also dished in on the irony of trade wars, where the worldpromoted trade at one hand while on the other end, imposed sanctions.
“In the end many innocent nations such as Malaysia are also affected.Hence, though we have no problem with Iran, we cannot trade with thecountry because of the sanctions. The trade war with China is alsoaffecting us,” he said.
Pakistan now enjoys the support of Malaysia besides China and Turkey.
