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Home Opinion & Editorial Editorial

Pakistan and UAE in grey list

Editorial by Editorial
March 7, 2022

The Financial Action Task Force (FATF) has retained Pakistani on its ‘grey list’ until at least June and has asked the country to address remaining deficiencies on terror financing. The watchdog noted that only two targets out of 34 have not been met and praised Islamabad’s robust progress against financial crimes.

Interestingly, Pakistan has now been joined by UAE as the Gulf nation has been added to the increased monitoring list and will be subject to heightened scrutiny. The wealthy state has successfully diversified its economy over the years rather but has long been criticized for its failure to crack down on murky financial transactions and ‘dirty money’.

For years, the trade-tourism hub of Dubai has been accused of being a safe haven for money laundering for the super-rich. In 2018, it was revealed that thousands of wealthy Pakistanis own properties worth Rs4.2 trillion bought in the past decade in Dubai. These properties were not disclosed in annual tax returns and raised serious concerns over unaccounted-for money. A list was submitted to the Supreme Court but no action has been taken yet.

Pakistan has assured that its efforts to complete the FATF’s grey list will be acknowledged soon. It needs to be seen if others countries such as UAE will also face similar treatment for being on the so-called grey list. UAE is a financial hub in Middle East, home to numerous global companies, one of the world’s busiest airport with a majority expat population; being on the list could deal a severe blow to its economic rise.

Pakistan was placed in the list in 2018, making foreign firms cautious about investing in the country and plunging the economy. Pakistan made a high-level political commitment to strengthen its anti-money laundering laws and combat terror financing. This has led to significant progress across a comprehensive action plan but several deficiencies still remain.

The finance minister said FATF’s decision wastaken under the influence of powerful countries to pressurize Pakistan over strategic decisions. Such statements are not without merit but despite the challenges, Pakistan needs to exit the list at earliest for its own economic well-being.

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