FATF and its implications on property market

[isloo001 (Isloo1)]

Pakistan missed by inches getting blacklist status in the Feb meeting of Financial Action Task Force (FATF) in Paris. The danger is still looming and if concrete measures are not taken by May deadline it might stifle the economy which is already on ventilator.

It would take immense agility to maneuver out of this mess without stepping on landmines -- an ability that Sharifs lacked and took the speeding train head-on.

To me this has direct bearing on property market, therefore deserves some serious thoughts.

Pointers to news items:

https://www.dawn.com/news/1467387/fatf-pressure-mounts-on-pakistan-as-monitoring-unit-reports-8707-suspicious-transactions-in-2018

https://www.dawn.com/news/1467883

https://www.pakistantoday.com.pk/2019/03/04/inclusion-in-ec-terror-financing-list-adds-to-pakistans-difficulties-at-fatf/

http://www.customstoday.com.pk/finance-secretary-warns-of-sanctions-over-fatf-non-compliance/

[sajjad.abasi (Sajjad Ahmed)]

Unfortunately govt is not experienced about the financial side of things and it will affect property.They just want tax and in return there is nothing delivered back (health, safety ,security )

[isloo001 (Isloo1)]

Situation on the other hand is very serious. Recent actions on proscribed organizations and meetings with FBR/Sate bank officials shows the desperate measures are taken.

[lifeline_is (Ty Phoon)]

What are the sanctions like? What will happen if they sanction Pakistan?

[ali_194 (Ali Nouman)]

The IT freelance/companies or almost all export and import business will be hurt alot. We already have pretty serious scrutiny while sending or receiving money with huge taxes/fees. We are going to be collapsed.

[lifeline_is (Ty Phoon)]

Too bad I have an IT company… Maybe moving to Dubai would help?

[ali_194 (Ali Nouman)]

Yes moving to Dubai or Singapore would work where I think income tax is already 0.