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The Financial Action Task Force (FATF) — the world’s money laundering and terror-financing watchdog — said on Friday that Pakistan has been removed from the grey list and is no longer subject to its increased monitoring process.
The Paris-based inter-governmental body had put Pakistan on its grey list of untrustworthy jurisdictions in June 2018 because of “strategic counter-terrorist financing-related deficiencies.”
Foreign Minister Bilawal Bhutto-Zardari made the announcement prior to FATF press conference, congratulating the country on the achievement.
Congratulations to the people of Pakistan. Pakistan has officially been removed from the FATF ‘grey list’. Pakistan Zindabad.
— BilawalBhuttoZardari (@BBhuttoZardari) October 21, 2022
FATF President Raja Kumar, in his press conference at the conclusion of its plenary, while announcing removal of Pakistan from grey list stated that Pakistan had been on the grey list since 2018.
He said: “It has two concurrent action plans. After a lot of work by Pakistani authorities, they have largely addressed all of the action plan items.”
Kumar maintained that the task force had conducted an onsite visit at the end of August. “The onsite team verified that there is a high level of commitment from the Pakistani leadership, sustainability of reforms and commitment to make improvements in the future,” he said.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat 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 40-recommendations of the FATF.
Last month, the Foreign Office said a FATF technical team had conducted a “successful” visit and Islamabad was expecting a “logical conclusion” of the evaluation process in October.