February 21, 2024

Pakistan was removed from FATF’s gray list

FATF

Pakistan was removed from FATF's gray list

Pakistan’s name was removed from the Financial Action Task Force (FATF) gray list after nearly 52 months.

Getting off FATF’s gray list will make it easier for Pakistan to get foreign funding.

Pakistan will remain under FATF monitoring as it needs to further implement the Anti-Money Laundering and Terror Financing Law.

President Financial Action Task Force (FATF) T. Raja Kumar said that Pakistan has been removed from FATF’s gray list. Pakistan was on FATF’s gray list since 2018 and now has been removed from the gray list.

T.Raja Kumar said that FATF monitoring of Pakistan will continue, Pakistan has fulfilled all 34 demands, we welcome Pakistan to come out of the gray list.

FATF President T.Raja Kumar said that FATF visited Pakistan and reviewed all the reforms.

President T. Raja Kumar said that Myanmar was being added from gray to blacklist and added that Pakistan has improved the system to prevent money laundering and terror financing, Pakistan has implemented 34 points.

In 2018, Pakistan was included in FATF’s gray list and given an action plan to implement 27 points. Later Pakistan was asked to implement seven more and then six points. A FATF delegation visited Pakistan to review the implementation of the action plan.

The working group and plenary sessions in Paris were attended by delegates representing 206 global network members and observer organizations, including the International Monetary Fund (IMF), the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units. .

At the end of the 2-day discussion, the decisions to be taken in the plenary session were announced.

Prime Minister Shehbaz Sharif expressed his gratitude

Prime Minister Shehbaz Sharif expressed his gratitude for getting out of FATF’s gray list and said that thanks to Allah, Pakistan got rid of FATF’s gray list.

Shahbaz Sharif said that congratulations to the nation for restoring the reputation and dignity of Pakistan at the global level, it is an acknowledgment of our great sacrifices in the war against terrorism.

Foreign Minister and PPP chairman Bilawal Butto Zardari congratulated the people of Pakistan in his tweet and said Pakistan has officially been removed from the FATF ‘grey list’. (News Desk)