Pakistan added to money-laundering blacklist – Alfalah Securities Limited

Karachi: Financial Action Task Force (FATF) has added Pakistan along with Indonesia, Ghana, Tanzania and Thailand to its blacklist of nations that failed to meet international standards of money laundering as those five countries were flaunting recommendations made to them toward fighting money-laundering and financing terrorism.

According to Alfalah Securities Limited, FATF estimates show that money laundering and related financial crimes cost between 2 % and 5 % of global gross domestic product. It has also called on governments to consider tax evasion as a money laundering offence and extending its focus to target the non-proliferation of weapons of mass destruction. Apart from the five new blacklisted countries others include: Bolivia, Cuba, Ethiopia, Iran, Kenya, Myanmar, Nigeria, North Korea, Sao Tome and Principe, Sri Lanka, Syria and Turkey. It would lead in building pressure on Pakistan to make money laundering rules more stringent and therefore, Alfalah Securities Limited may expect the recent proposal on relaxation in CGT rules for disclosing the source of investment till June 30, 2014 would be jeopardized since it could potentially lead to money laundering.

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