Pakistan’s ‘Grey’ Approach To Money Laundering To Cost Them: Expects $10 Billion Loss Annually If It Stays On FATF’s List

Pakistani Foreign Minister Shah Mahmood Qureshi on Tuesday (2 April) said that if the country continues to remain in the Financial Action Task Force’s (FATF) ‘grey list’, it could suffer losses to the tune of $10 billion annually. He said that the FATF could also blacklist Pakistan because of the “lobbying by India”, reports Times Now.

The terror financing watchdog had listed Pakistan in the ‘grey list’ in June last year. The ‘grey list’ mentions countries whose domestic laws are regarded as “weak” to effectively curb the issues of money laundering and terrorism financing.

According to the report, Qureshi, in his statement at Governor’s House in Lahore, blamed India for Pakistan’s prospects of facing the FATF’s blacklist. "The Foreign Office is calculating the annual loss if Pakistan is pushed in the blacklist by the FATF as India is lobbying for this," Qureshi was quoted in the report as saying.

He said if Pakistan remained in the ‘grey list’, it could face $10 billion loss annually according to the calculations made by Pakistan government.