Pak banks may lose biz if Imran govt doesn't implement FATF plan: Moody's

Topics Moody's | Pakistan  | FATF

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Credit rating agency Moody's has warned Pakistani banks that they may lose international business and pay more for global transactions if the government does not implement the Financial Action Task Force (FATF) action plan on anti-money laundering and counter terror financing by the June deadline.

In a report, Moody's Investors Service said the announcement is credit negative for Pakistani banks because there are potential additional restrictions for the banks' foreign-currency clearing services as well as foreign operations.

The Paris-Based FATF gave Pakistan an extension for completing the June 2018 action plan on anti-money laundering and combating financing of terrorism till June 2020 or risk being placed on its black-list.

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