Pakistan | FATF
Pakistan removed from anti-terror watchdog FATF's grey list after 4 yrs
Pakistan has made its way out of the FATF grey list, four years after the global watchdog on terror financing and money laundering put the country under the organisation's close scrutiny for involvement in terror funding.
The Financial Action Task Force or FATF said on Friday that Pakistan is "no longer subject to FATF's increased monitoring process. The country would continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system."
The FATF is an inter-governmental body set up to combat money laundering, terror financing and other related threats to the integrity of the international financial system.
While being on FATF's grey list, Pakistan found it difficult to get aid from International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), and the European Union, multiplying its inflation and infrastructure-related problems.
Nicaragua has also been removed from the grey list, while Myanmar has been put on the more severe, black list.
Russia, which continues its war with Ukraine, has been sidelined.
The decision to strike Pakistan off of the list was made during the FATF's meeting in Paris.
The watchdog had set a 34-point action plan for Pakistan, 27 pertaining to terror financing, and seven to money laundering.
In June, the FATF said in a statement at its plenary: "Pakistan has substantially completed its two action plans", signalling that there was a probability of the country's exit from its grey list. An on-site verification was pending at that time.
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