Pakistan has officially exited the Financial Action Task Force’s (FATF) ‘Grey List’, with the global terror finance watchdog saying that the country has made progress in its steps towards countering money laundering and terror financing.
In a statement, the FATF on Friday said, “The FATF welcomes Pakistan’s significant progress in improving its AML/CFT (anti-money laundering and counter-terrorist financing) 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 (The Asia/Pacific Group on Money Laundering) to further improve its AML/CFT system," it added.
The development comes four years after Pakistan was placed on the ‘Grey List’ by the anti-money-laundering body. Being on the Grey List restricts a country’s access to the international trade and financial system.
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