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FATF puts Pakistan on grey list by ignoring efforts against terror financing

Mahmood Idrees 09:02 AM | 28 Jun, 2018
FATF puts Pakistan on grey list by ignoring efforts against terror financing

WASHINGTON - Pakistan was officially put on a terror-financing watchlist, maintained by the Financial Action Task Force (FATF), rejecting the country’s effort to avoid the move, local media reported.

The decision in favour of keeping Pakistan on the grey list was taken during the recent plenary meeting in Paris on Wednesday; however, the terror-financing watchdog has not yet made an official statement in this regard.

FATF is a global body that combats terrorist financing and money laundering.

The members of the moot argued that Pakistan had not taken action to eradicate the monetary assistance to terrorism and related causes.

Earlier in the day, caretaker Finance Minister Dr Shamshad Akhtar briefed the moot about steps taken by the country to combat money laundering and terror financing. She urged the international body to strike Pakistan off the grey list.

During the crucial meeting, the Akhtar-led Pakistani delegation also highlighted the indiscriminate action taken by the country against and banned outfits on its soil. She apprised that strict laws were being introduced to curb the menace.

However, the finance minister’s pleading was not accepted and the country was placed on the grey list. Earlier, reports were circulating that Pakistan will be given more time to implement the FATF’s anti-money laundering and terrorist financing regulations

Earlier this year, the US presented a resolution, which was backed by Germany, France, Britain, to put Pakistan on FATF's grey list by ignoring its efforts to weed out terror financing.

The decision to place Pakistan on the watchlist in June was made during a plenary meeting in February 2018.

Ever since then, the country took steps in keeping with the regulations of FATF. On June 8, the National Security Committee (NSC) reaffirmed its commitment to cooperate with FATF recommendations. The Securities and Exchange Commission of Pakistan issued Anti Money Laundering and Countering Financing of Terrorism Regulations 2018 on June 20, in compliance with FATF recommendations.

This isn't the first time Pakistan has faced restrictions by FATF. The country was placed in the greylist for three years; from 2012-2015.

Being on the greylist will affect country's economy, potential future borrowing from International Monetary Fund (IMF), and downgrade Pakistan's debt rating.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 9, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 276.9 280.15
Euro EUR 294.7 297.7
UK Pound Sterling GBP 331 334.2
U.A.E Dirham AED 75.3 76
Saudi Riyal SAR 73.2 73.9
Australian Dollar AUD 191.3 193.7
Bahrain Dinar BHD 732.35 740.35
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2 2.16
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 173.63 175.63
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.53 723.57
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 298.06 300.56
Thai Bhat THB 8.25 8.4

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs193,700 on Thursday. The price of 10 grams of 24k gold was recorded at Rs166,070.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 193,700 PKR 2,350
Karachi PKR 193,700 PKR 2,350
Islamabad PKR 193,700 PKR 2,350
Peshawar PKR 193,700 PKR 2,350
Quetta PKR 193,700 PKR 2,350
Sialkot PKR 193,700 PKR 2,350
Attock PKR 193,700 PKR 2,350
Gujranwala PKR 193,700 PKR 2,350
Jehlum PKR 193,700 PKR 2,350
Multan PKR 193,700 PKR 2,350
Bahawalpur PKR 193,700 PKR 2,350
Gujrat PKR 193,700 PKR 2,350
Nawabshah PKR 193,700 PKR 2,350
Chakwal PKR 193,700 PKR 2,350
Hyderabad PKR 193,700 PKR 2,350
Nowshehra PKR 193,700 PKR 2,350
Sargodha PKR 193,700 PKR 2,350
Faisalabad PKR 193,700 PKR 2,350
Mirpur PKR 193,700 PKR 2,350

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