FATF Removes Pakistan From Grey List
On Friday, Pakistan was removed off a list of nations that are subject to “enhanced monitoring,” often known as the “grey list,” by the Financial Action Task Force (FATF), a global organisation that monitors money laundering and the financing of terrorism.
Pakistan Was Include In FATF Grey List
Due to shortcomings in its legal, financial, regulatory, investigations, prosecution, judicial, and non-government sectors to combat money laundering and combat terror financing, Pakistan was added to the list of jurisdictions subject to increased monitoring in June 2018 and was deemed a serious threat to the global financial system.
Under a 27-point action plan, Islamabad made high-level political pledges to resolve these shortcomings. However, later on, 34 action points were added.
Since then, the nation has actively collaborated with FATF and its affiliates to strengthen its legal and financial systems against money laundering and the financing of terrorism in order to comply with 40 FATF recommendations and meet international standards.
From August 29 to September 2, a joint delegation of 15 people from the FATF and Asia Pacific Group, the regional affiliate of the FATF with a base in Sydney, visited Pakistan to check on the status of the nation’s adherence to the FATF’s 34-point action plan.
The authorities who had kept the delegation’s visit to the country under wraps later referred to it as “a smooth and successful tour.” In accordance with the FATF Plenary’s authorization of an on-site visit in June 2022, the delegation had extensive discussions with pertinent agencies.
The objective of the visit, according to the Foreign Office, was to confirm in person Pakistan’s high-level commitment to and sustainability of reforms in the AML/CFT regime. The Foreign Office also stated that it looked forward to the evaluation process’ logical conclusion. The FATF International Cooperation Review Group and plenary meetings will consider the report of the on-site team.