Pakistan has been removed from the “grey list,” according to the Financial Action Task Force (FATF), a worldwide organization that monitors the funding of terrorism and money laundering.
FATF applauded Pakistan’s notable advancements in strengthening its anti-money laundering and countering financial terrorism (AML/CFT) system in a statement.
The statement read, “Pakistan is no longer under FATF’s enhanced monitoring procedure; to continue working with APG (Asia/Pacific Group on Money Laundering) to further strengthen its AML/CFT (anti-money laundering & counter-terrorist financing) system.”
The FATF made the decision during its plenary meeting on October 20–21 in Paris. In addition, Pakistan “strengthened efficacy of its AML/CFT regime and rectified technical inadequacies to satisfy commitments of its action plans on strategic weaknesses that FATF highlighted,” according to the international watchdog.
The choice will make it possible for the nation to obtain international funding to improve its economic status. This change occurs more than four years after Pakistan was placed on the FATF’s “grey list” because of its failure to control the danger of money laundering, which may fund corruption and terrorism.
The majority of Pakistan’s FATF-mandated actions were finished in 2018. Its inability to act against terrorists listed by the UN, such as Lashkar-e-Taiba founder Hafiz Saeed, Jaish-e-Mohammed (JeM) chairman Masood Azhar, and the group’s “operational commander,” Zakiur Rehman Lakhvi, was one of the few things that was not completed.
To read our blog on “Pakistan’s inclusion on the Grey List will be determined by FATF today,” click here