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

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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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 19 April 2024

Pakistani currency saw minor adjustment against global currencies on April 19, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal's new rates was at 73.30.

Today’s currency exchange rates in Pakistan - 19 April 2024

Currency Symbol Buying Selling
US Dollar ‎USD 277.4 280.4
Euro EUR 293 296
UK Pound Sterling GBP 342.25 345.65
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.09 748.09
Canadian Dollar CAD 201 203
China Yuan CNY 38.44 38.84
Danish Krone DKK 39.69 40.09
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.64 911.64
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.31 25.61
Omani Riyal OMR 722.87 730.87
Qatari Riyal ‎QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.08 307.58
Thai Bhat THB 7.56 7.71

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