The global watchdog gave Pakistan a clean bill of health over its financial regime in combating terror financing, after four years.
New Delhi: After more than four years, the global watchdog, Financial Action Task Force (FATF), has removed Pakistan from its ‘grey list’ after giving it a clean bill of health over its financial regime in combating terror financing.
Since 2018, Pakistan has been on the list of the Financial Action Task Force (FATF)’s “Jurisdictions under Increased Monitoring”, known colloquially as the ‘grey list’. Countries on this list are determined to have “strategic deficiencies” in implementing an effective legal regime to combat money laundering and terror financing.
After the two-day plenary in Paris, FATF welcomed Pakistan’s “significant progress in improving its AML/CFT 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,” announced the FATF.
At a press conference, FATF President, Singapore’s T. Raja Kumar said that “FATF team has verified that reforms are in place and there is high-level commitment and capacity to sustain those reforms”.
He added that Pakistan’s removal from ‘grey list’ doesn’t mean that there won’t be more work to do. Pakistan will continue to work with FATF’s regional partner, Asia Pacific Group, to further improve its anti-money laundering and combating financing terrorism system.
Source – https://thewire.in/world/significant-progress-financial-action-task-force-removes-pakistan-from-its-grey-list
