FATF blacklisting will destroy Pakistani economy, says Imran Khan

Written By: Sidhant Sibal WION
NEW DELHI Published: Aug 28, 2020, 05:12 PM(IST)

Pakistan Prime Minister Imran Khan. Photograph:( ANI )

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Speaking to a private news channel, Khan said, "If Pakistan is put on FATF's blacklist, then like Iran, deals will end. No international financial institutions will deal with us."

Pakistan's Prime Minister Imran Khan has warned that if Pakistan is blacklisted at the FATF or Financial Action Task Force then Pakistan's economy will be destroyed due to inflation and a massive fall in Pakistani Rupee. 

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Speaking to a private news channel, Khan said, "If Pakistan is put on FATF's blacklist, then like Iran, deals will end. No international financial institutions will deal with us."

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Explaining, "It will impact the Pakistani Rupee and when Rupee starts to fall, we do not know how much it will fall. We do not have foreign reserves to save the Rupee. When rupee falls, everything will become costly — electricity, gas and Oil. Once we are on the blacklist, our entire economy will be destroyed due to inflation."

Pakistan has been on FATF's greylist for last two years even as it has been given several deadlines to full fill its commitments to improve transparency in financial dealings and take action on the financing of terrorism. 

Khan blamed India for trying to push his country on the blacklist. He said, "If we go on the blacklist, Pakistan will be destroyed as India has been trying to do. Who is trying to put us on the blacklist, its India. For 2 year India has been trying to blacklist Pakistan by lobbying with the international community."

FATF calls for transparent financial controls so that money is not used for financing of terror or money laundering. The Paris based body will meet in October and on the agenda will be future actions related to Pakistan's listing. 

After last year's meet, the grouping had called on Pakistan to "demonstrate" effective implementation of financial sanctions against all United Nation's 1267 committee designated international terrorist among other things. The list includes Pulwama attack mastermind Masood Azhar and 1993 Mumbai blast mastermind Dawood Ibrahim.

According to estimates by Pakistani govt, greylisting of Pakistan at FATF is causing damage of around $10 billion annually to the country.

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