RECORDER REPORT

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

“Political parties are busy in blame-game while country is facing a huge threat of economic constraints by the world after implementation of FATF’s decision to include Pakistan in Grey List” LCCI President Malik Tahir Javaid said. The 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 added.

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, he added.

“It is a matter of immense concern that Pakistan’s closest friends China and Saudi Arab have withdrawn their objections on this move that is not a good omen at all.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”, he said.

The LCCI chief said that inclusion in “Grey List” is a horrible dream for any country especially for a country like Pakistan whose global reputation is suffering. If Financial Action Task Force implements its decision in its forthcoming meeting, it would portray a negative image of Pakistan to the world, he said.

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.