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Business

Web Desk
February 27, 2020

Pakistan remaining in FATF grey list not in favour of local banks: Moody's

Business

Web Desk
Thu, Feb 27, 2020
Photo: AFP

International credit rating company Moody's has said in a recent report that it is not in favour of Pakistan's banks for the country to remain in the Financial Action Task Force's (FATF) grey list, Geo News reported on Thursday.

FATF is keeping a check on the banks' international transactions as well, and action has also been taken against some local banks.

Two local banks recently had their international license cancelled for not complying with anti-money-laundering laws.

The report further states that banks can face a reduction in profits because of the stringent conditions they are being told to meet.

According to the report, Pakistan has met 14 out of 27 conditions of the FATF and is in pursuit of fulfilling the other 13 demands, adding that the FATF is closely monitoring 17 countries including Pakistan

The country's State Bank has also expressed hope that it will get its name out of the grey list in June 2020, as the FATF has asked Pakistan to complete its conditions by then.