Pakistan is out of FATF’s grey list

NationalPakistan is out of FATF's grey list

ISLAMABAD, Pakistan: Pakistan has been removed from the grey list of the Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog.

Pakistan had been put on the FATF’s grey list in June 2018 for its failure to check the risk of money laundering, leading to corruption and terror financing.

The FATF President Raja Kumar officially announced on Friday in his presser that Pakistan has been taken off the grey list of the FATF.

In a statement, the FATF said: “The FATF welcomes Pakistan’s significant progress in improving its AML/CFT (Anti-Money Laundering and Combating the Financing of Terror) regime. Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was completed in advance of the deadlines, encompassing 34 action items in total. Pakistan is therefore no longer subject to the FATF’s increased monitoring process.”

“Pakistan will continue to work with APG to further improve its AML/CFT system.”.

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