No significant effect on Pakistan’s economy if placed on FATF grey-list: Miftah

ISLAMABAD: Adviser to Prime Minister on Finance Miftah Ismail said on Friday that Pakistan will see no substantial effect on its economy if the Financial Action Task Force (FATF) decides to place it on the grey-list.

“Nothing is going happen before June…[but even then]nothing really will happen to Pakistan. It is not a big issue,” he said while talking to Geo News.

The adviser said that Pakistan was placed on the list between 2012 and 2015 too but the stock market still grew by three percent, adding that the fundamentals of our economy are strong.

Ismail added that Pakistan already has strong anti-money laundering measures in place.

Indian media had claimed that the decision of including Pakistan in the grey-list had been made. However, FATF spokesperson Alexandra Daniel denied that Pakistan had been included on the list.

Daniela told Geo News that a final decision will come after the meeting reviewing the matter has concluded. The meeting is currently underway.

Meanwhile, the Pakistan Foreign Office spokesperson said that a request to include Pakistan in the grey-list was made earlier in January by the United States and Britain. Adding that, "Pakistan has serious concerns over the motion moved by US and UK at the Financial Action Task Force to put the country on the grey list."

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, a measure that officials fear could hurt its economy.