Impact of FATF on Pakistan's economy , the un talked about Consequences

[CrazyZ]

Well China and Russia are trying to pioneer an alternative financial model for quite some time

That will largely depend on the yuan. It Significance has increased but it has a long way to go before it can rival the dollar as a reserve. Gold is tried and tested for thousands of years. A digital version would make transactions cheap easy and trackable. If backed by a couple of governments...it would be more dependable than Bitcoin.

 

[BATMAN]

@Mangus Ortus Novem @BATMAN @Tps43 @balixd @Horus

Whats the real story?

I'm totally lost on OP.
In any case it's clear that govt. has no control over money laundering, which is simply a policy matter.
Flight of capital, was evident from the sudden devaluation of PKR.
Imagine, Imran Khan would never had a clue about money laundering under his nose, if international frame works never start ringing bells.
Why there are international regulations about this and why every country has to comply, because such money ends up in coffers of rouge states. Actually all such channels are crafted by the rouge states.
In short current regime is in-directly funding terrorism in Yemen, Iraq & Syria.
If govt. continue to hide the figures on money laundering of past 6 months. Suspicions will be directly on state ministers, and we all know the list.

 

[zulu]

Someone is also keeping an eye of FATF and nicely put double edge sword Hope to see your some detail post on it(forgive me these days very busy not able to research ) but its a storm is brewing and we are doing nothing even so much pressure from inside but those idiots bureaucrats and political jokers don't even realize whats are on stake

Khafee my dear,

In a nutshell a double edged sword.

Primarily FATF is part of US led Global Financial Architecture... SWIFT being one infrastructural piece of it. That's why China developed its own counter to SWIFT. So is Russia trying.

Anyhow, primarily its on the surface to stop money laundering. All banks need to be compliant, including central banks.

EU is already compliant.

Coming back to Pak... well, honestly bank banking and financial sector is complicit in the black money moving operations of the #CriminalEnterprise... all private banks are owned by the Pak elite anyways.

SBP was looking the other way when untracked/validated money was moving around. Still is too an extent. Then there is unofficial money transfer through hundi or so.

FATF on its positive end makes money trackable. So, coming out of grey list would help stopping money laundering out of Pakistan.

Zardari/Sharifs money laundering is a case in point.

On the negative end it would create intrusive impact for financial sector. A pressure tool by India and her masters.

Herein Pak State needs to have a long term Financial Security Policy.

However, the level of mess in all sectors of economic infrastructure... such a policy is going to take a bit more time.

Regarding data of individuals .... Bank of International Settlements has data of every human being on the planet.

We are going through a phase of global power flux. I suspect a parallel Financial Architecture to emerge.

UAE can play as a bridge for both worlds... can become a clearinghouse.

Hope it helped.

Mangus

 

[Fledgingwings]

Pakistan shall remain stable and because of its friends and the new visionary leadership keen to bring the country out of this troubled time.Insha'Allah

 

[Mamadouso]

That will largely depend on the yuan. It Significance has increased but it has a long way to go before it can rival the dollar as a reserve. Gold is tried and tested for thousands of years. A digital version would make transactions cheap easy and trackable. If backed by a couple of governments...it would be more dependable than Bitcoin.

Be very careful with this talk of ditching dollar and using gold etc

Tunisian leader Ben Ali, Gaddafi both talked of this before the US attacked them in 2011 and got rid of them

Also Venezuela has been destroyed the same way because they talked of abandoning dollar. Pakistan should just work on a war footing and get the economy strengthened asap and integrate with China economy on a daily basis.

 

[CrazyZ]

Be very careful with this talk of ditching dollar and using gold etc

Tunisian leader Ben Ali, Gaddafi both talked of this before the US attacked them in 2011 and got rid of them

Also Venezuela has been destroyed the same way because they talked of abandoning dollar. Pakistan should just work on a war footing and get the economy strengthened asap and integrate with China economy on a daily basis.

Digital currency will happen irrespective of what the central banks want. USA has nothing to fear from a gold standard. It has the largest central reserve of gold when you consider fort knox and the NY Fed Reserve Bank. NY Fed Reserve Bank has gold from all over the world stored in it. The USA can repossess other nations gold at the NY fed if anything happens to the dollar. Many European countries want the USA to return their gold for this reason... USA has ignored them.