European Union lauds Pakistan’s commitment on FATF action plan
ISLAMABAD: EU Ambassador in Pakistan Androulla Kaminara called on Foreign Minister Shah Mahmood Qureshi in Islamabad on Wednesday.
Matters pertaining to trade and political cooperation between Pakistan and the European Union were discussed in the meeting.
The foreign minister highlighted grave human rights violations by Indian army in occupied Kashmir.
He also apprised the EU Ambassador about the Indian government’s discriminatory Citizenship Amendment Act.
The EU Ambassador appreciated Pakistan’s strong commitment regarding action plan of Financial Action Task Force (FATF).
She also assured to provide technical facilities to Pakistan in this regard.
On Feb 27, Credit rating agency, Moody had called the continuing appearance of Pakistan on the grey list of the Financial Action Task Force (FATF) a ‘credit negative’ for country’s banks.
“The announcement is credit negative for Pakistani banks because it raises questions about potential additional restrictions relating to banks’ foreign-currency clearing services, as well as their foreign operations,” Moody’s Credit Outlook had said.
“Banks’ profitability risks being constrained as a result of increased compliance and operational costs,” it had said.
The intergovernmental body had on Feb 26 given Pakistan till June 2020 to better its anti-terrorism financing steps.