April 15, 2021

SSGNEWS

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FATF grey-listing caused ‘$38b losses’

ISLAMABAD:

Pakistan has sustained a staggering $38 billion economic losses due to the Financial Action Task Force’s (FATF) decision to thrice placed the country on its grey list since 2008, says a new research paper published by an independent think-tank, Tabadlab.

The findings of ‘Bearing the cost of global politics — the impact of FATF grey-listing on Pakistan’s economy’ by Dr Naafey Sardar come amid low chances of Pakistan exiting the grey list Thursday (today).

The FATF may retain Islamabad on the list of a handful of countries, whose anti-money laundering and terror financing laws are not fully compliant with global standards.

Sources said Pakistan’s progress on at least three out of six remaining action points need more work. However, a Finance Ministry source said that nothing could be said till the formal announcement by the global watchdog.

The research paper, published by Tabadlab — an Islamabad-based think tank — stated that grey-listing events spanning from 2008 to 2019, may have resulted in cumulative GDP losses worth $38 billion.

Read More : https://tribune.com.pk/story/2286167/fatf-grey-listing-caused-38b-losses