Financial Action Task Force (FATF) removes Pakistan from 'grey list'

ISLAMABAD:Global money laundering and terror financing watchdog, the Financial Action Task Force (FATF), on Friday removed Pakistan from a list of countries under "increased monitoring", also known as the "grey list", media reports said. Pakistan Foreign Minister Bilawal Bhutto-Zardari made the announcement prior to an FATF press conference, congratulating the country on the achievement, Dawn reported.

Pakistan was included among jurisdictions under the increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigation, prosecution, judicial and non-government sectors in fighting money laundering and combat terror financing, which are considered serious threats to global financial system.

Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34.

The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with the 40 recommendations of the FATF, Dawn reported.

A 15-member joint delegation of the FATF and its Sydney-based regional affiliate- Asia Pacific Group- paid an onsite visit to Pakistan from August 29 to September 2 to verify the country's compliance with the 34-point action plan committed with the FATF.

The authorities which kept the countrywide visit of the delegation low profile later termed it as "a smooth and successful visit". The delegation had detailed discussions with the relevant agencies pursuant to the authorisation of onsite visit by the FATF Plenary in June 2022. (IANS)

Also Read: US, Japan raise concerns over China buying land near military bases

Also Watch: