Daily Times

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) on Monday called for strong lobbying against Pakistan’s inclusion in Grey List by Financial Action Task Force (FATF).

In a statement, the LCCI president Malik Tahir Javaid said that global money laundering supervisory body Financial Action Task Force (FATF) has decided to put Pakistan in its terrorist financing watch list that is not an ordinary thing as after this, Pakistan would be facing European Union’s black-listing threat. He said that if this happens, it would give a big blow to the Pakistani economy as European Union is one of the biggest exporting destinations for Pakistani goods. He said that economy is already in a bad position, exports figures are discouraging, external debts are at the highest and trade deficit has broken all historic records, Pakistan cannot afford more loss as any economic restriction would be proved last straw on the camel’s back.

“It is a matter of immense concern that Pakistan’s closest friends China and Saudi Arab have withdrawn their objections on this move that is not a good omen at all. The situation calls for extra ordinary measures at diplomatic and all other fronts as country cannot afford to stand alone in the world”, Malik Tahir Javaid said.

The LCCI President said that inclusion in “Grey List” is a horrible dream for any country especially for a country like Pakistan whose global reputation is suffering. He said that if Financial Action Task Force implements its decision in its forthcoming meeting, it would portray a negative image of Pakistan to the world. It would also broadcast a message that Pakistan’s financial system is weak and effective measures are needed to halt money laundering or financing groups that are involved in negative activities. He said that countries included in the “Grey List” have witnessed massive decrease in foreign investment as foreign investors hesitated to invest. He said that foreign direct investment scenario is already not at the par with the potential of the country while implementation of decision of Financial Action Task would further aggravate the situation.

Senior Vice President Khawaja Khawar Rasheed and Vice President Zeshan Khalil said that Pakistan cannot afford to be in European Union’s black-list as European Union is an important export destination for Pakistan as around 25 per cent of total exports of the country find their way among the 28 countries of Europe.

He said that Friends of country should be approached immediately and asked to adopt stance in favor of Pakistan. He said that case of Pakistan should be fought strongly and world should be told that Pakistan has given precious sacrificed in war against terrorism and also faced a huge economic loss of over $123 billion.

Published in Daily Times, June 12^th 2018.