FATF removes Pakistan from ‘grey list’
Islamabad, Oct 21: 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 a 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.