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Friday Aug 31 2018

Pakistan needs to take decisive action in coming months: WB Country Director

World Bank Country Director Patchamuthu Illangovan

ISLAMABAD: Pakistan is required to take additional steps to stop money laundering and terror financing, the World Bank's country director assigned to the South Asian nation said Thursday night, in a comment on Islamabad's continuous efforts to have itself removed from the Financial Action Task Force's (FATF) greylist.

Speaking to Geo News, Patchamuthu Illangovan (Illango), WB Country Director for Pakistan, said the nation was added back to the infamous greylist 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.

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