Islamabad (August 31, 2018): World Bank Country Director for Pakistan Patchamuthu Illangovan (Illango) has said that Pakistan is required to take additional steps to stop money laundering and terror financing so as to get out of the Financial Action Task Force’s (FATF) grey list.
Patchamuthu Illangovan (Illango), WB Country Director, said that Pakistan was added back to the infamous grey list since it had failed to take quick action on the anti-terror financing measures.Pakistan would need to take a decisive action in the upcoming months, Illangovan added, noting that there was progress seen on the 26 points stated in the National Action Plan (NAP).
“Pakistan went back into the greylist because its progress slowed down,” the world bank representative said. Everyone understood that Pakistan’s new government under Prime Minister Imran Khan, too, has acknowledged the necessity of quick measures to stabilise the economy, Illangovan mentioned.Explaining that the World Bank was ready to help the Khan-led leadership strengthen the economy, he said Pakistan should start forming policies and making efforts that boost it on a medium-term basis in order to return to a stable route.
Further, with regard to a question pertaining to the arrival of another FATF delegation in Pakistan, the WB official said: “It is not advisable for me to speculate on the FATF and the Asia Pacific Group [on Money Laundering], how they intend to start their work in Pakistan or what their strategy would be.”
Illangovan said it was best if Pakistan started working on all such measures — that it had agreed upon — right away so that it could see progress on the resolution of the said issues.
“I believe further measures are required as is the need to take a decisive action in the upcoming months,” he commented.