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| Pakistan could face economic pain from return to terrorist financing 'grey list' | | | Agencies
The prospect of Pakistan being placed back on a global terrorist financing watchlist could endanger its handful of remaining banking links to the outside world, causing real financial pain to the economy just as a general election looms.
Washington and its European allies have co-sponsored a motion calling for the nuclear-armed nation to be placed on a "grey list" of countries deemed to be doing too little to comply with anti-terrorist financing and anti-money laundering regulations, with a decision expected next week when member states of the Financial Action Task Force (FATF) meet in Paris.
The move is part of a broader U.S. strategy to pressure Pakistan to cut its alleged links to Islamist militants waging chaos in Afghanistan.
Pakistan, which denies such links, last month shrugged off a U.S. aid suspension worth $2 billion. But inclusion on the FATF watchlist could inflict real damage, bankers and government officials say.
Islamabad has sought to head off the motion by amending its anti-terrorism laws and by taking over organisations controlled by taking over organisations controlled by Hafiz Saeed, a Pakistan-based Islamist whom Washington blames for the 2008 Mumbai attacks that killed 166 people.
But there are concerns Pakistan's nearly $300 billion economy, expanding at its fastest rate in a decade at above 5 percent, could lose steam if it ends up on the FATF watchlist, from which it was removed in 2015 after three years.
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