US statement on curbing terror financing has praise, warning for Pak

Pakistan's economic reforms will suffer 'devastating impact' if it fails in its obligations to end terror financing, says US diplomat.

The US is pleased with Pakistan’s progress in meeting obligations given to a UN organisation monitoring terror financing, but if it fails the impact will be "devastating" for its reforms programme, said a senior diplomat in Washington.

Alice Wells, acting assistant secretary of State for South and Central Asia, made the comments a day after Pakistan’s Foreign Minister Shah Mahmood Qureshi said his country should be taken off the 'grey list' of Financial Action Task Force (FATF).

“Obviously, if Pakistan were not to meet FATF obligations or were to fail and be blacklisted, that would be devastating for Pakistan's economic reform program