Regularization of financial matters will increase white economy and tax net in Pakistan: Mian Zahid Hussain

KARACHI – Businessmen Panel Pakistan’s Senior Vice Chairman and Former Provincial Minister Sindh,  Mian Zahid Hussain and Presidential candidate of BMP, Former Chief Minister Balochistan Allauddin Marri while talking to the business community said that despite taking several measures against money laundering and terror financing the FATF team showed dissatisfaction on 27 of its recommendation which is alarming. Pakistan stands at 25 on the international anti-money laundering index and far better than several countries like Tajikistan, Mali, Kenya and Panama which are not on the grey list of FATF.

Leaders of the Businessmen Panel said that Pakistan has been included in the grey list on recommendation of US, UK, France and Germany which is a joke with the sacrifices of 70 thousand people who laid their lives and $ 120 billion economical losses Pakistan has paid in the war against terrorism and a political conspiracy against Chinese investment including CPEC. The Asia Pacific Group of the Financial Action Task Force will revisit Pakistan to monitor the status of its recommendation and will share its findings in Annual conference of APG in July 2019. The fate of Pakistan regarding black listing or exclusion from the grey list will be decided in September 2019. The government should take immediate measures to get Pakistan cleaned from the grey list. The Prime Minister Imran Khan can impose condition of excluding Pakistan from the grey list while helping US in Afghanistan.

BMP Leaders said that current account deficit is accumulated to $ 5 billion in the first four months of current fiscal year which 28 percent higher than the same period of last fiscal year while trade deficit has reached to $ 13 billion. Only $ 600 million has so far invested in the country which 36 person less than the same period of previous year. KSE-100 index has fallen by over 2 thousand points to 38601 point in the first week of this month. In the backdrop of ongoing economic situation, increase in exports and foreign direct investment is of high importance. Though Pakistan will need some strict actions to get out from the grey list but it will ultimately regularize the financial matters in the Country which will enhance the white economy and tax net. Pakistan should wisely utilize the available period till September 2019 avoid blacklisting, which will bring severe consequences in term international standing of the Country.

Allauddin Marri, the presidential candidate of the BMP said that the government should also focus on curbing the economic crisis in addition to corruption and money laundering and better environment for business trade and industry should be developed in the Country by offering required incentives to the business community.