Karachi: The credit rating agency has warned Pakistan's banks that they may lose international business if FATF does not take concrete action to stop terrorist funding in their country. At the same time, they may have to pay more for global transactions. As far as the UN body FATF has given Pakistan time till June to take action on some points to stop terrorist funding.
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Moody's Investment Service has said in a report released on Thursday, 27 February 2020, that the negative announcement for Pak banks has been made on the basis that more restrictions are imposed on their foreign services. It is a possibility. It has been learned that if Pakistan does not take action by June this year on the points decided by the Paris-headquartered Financial Action Task Force (FATF), then it can be blacklisted. Right now Pakistan is in the 'gray list'. Going to the blacklist means that Pakistan can get help from foreign financial institutions.
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According to the information, in the meantime, India has also bluntly asked Pakistan in the United Nations to destroy terrorist camps running in their areas. Along with this, India also condemned Pakistan's conspiracies to derail development plans in Jammu and Kashmir. It should also be noted that in the Permanent Mission of India, the first secretary, Salary Aryan, said that Pakistan should stop funding terrorist organizations and destroy terrorist camps operating from their land. Significantly, this all-round pressure on Pakistan has come out exactly one week after the FATF's decision in Paris.
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