Daily Times

United Business Group on Saturday hailed the decision of the Financial Action Task Force (FATF) to exclude Pakistan from its grey list and said that it will herald an era of economic stability and boost exports.

Talking to APP, Chairman UBG Shahzad Ali Malik said that it was a good omen that FATF had excluded Pakistan from the grey list of global watchdog on terror financing and money laundering after four years. He said that as a result of FATF decision economic activities would accelerate and help greatly to restore the confidence of investors across the globe.

For being on the list Pakistan sustained a loss of $38 billion to its GDP from 2009-2019, he said adding that the FATF retained Pakistan on its grey list which meant no respite for the nation as it looked for financial aid amid the pandemic. It was difficult for a country to get financial aid from international organizations like IMF, he said adding that Pakistan would welcome multinationals for foreign direct investment and joint ventures in different areas and sectors, especially in IT, petroleum, minerals, agriculture, medical, and engineering.

Shahzad Ali Malik said he was happy to note that FATF itself acknowledged that Pakistan “strengthened the effectiveness of its anti-money laundering and counter-terror financing regime and addressed technical deficiencies to meet commitments of its action plans regarding strategic deficiencies that FATF identified.”