ICCI urges government to steer the nation out of FATF Grey List

Business community here on Saturday urged the government for making strong efforts to steer the country out of the grey list of Financial Action Task Force (FATF) and to save the economy from any possible harmful consequences.

According to Press release issued here, the president, Islamabad Chamber of Commerce and Industry Sheikh Amir Waheed said that Pakistan had 15 months to implement an action plan to be able to negotiate an exit from the list and stressed the need for making all possible efforts for implementing the action plan.

He said that implementation of action plan would bring about the positive impact on over all economy and further help in boosting imports, exports, remittances and access to the international financial institutions.

He went on to say that it would also encourage foreign investors for making investment in Pakistan and urged the government for addressing all those structural deficiencies that caused its entry into the list.

Muhammad Naveed Malik, Senior Vice President and Nisar Mirza Vice President said that FATF had formulated a comprehensive set of recommendations, which had become almost international standards on anti-money laundering and combating financing of terrorism.

They said that it was the dire need of the hour that all stakeholders should make utmost efforts for its exit from the said list in order to save as well boost the economy of the country.

(APP)