FATF Removes Pakistan From Grey List

The Financial Action Task Force (FATF) has announced its decision to remove Pakistan from its ‘Grey List’, as it appreciated the country’s efforts in anti-laundering and anti-terror financing in line with its plan of action.

It is pertinent to mention that FATF had placed Pakistan on its ‘Grey List’ of untrustworthy jurisdictions in June 2018 because of “strategic counter-terrorist financing related deficiencies” and provided a list of requirements, which included a 34-point action plan, the country needed to achieve in order to overcome terror-financing related activities.

However, under the constant efforts of the Pakistan Tehreek-e-Insaf (PTI) government, which were continued by the ruling coalition government, FATF acknowledged the progress made by the country towards curbing terrorist financing and meeting all their requirements ahead of time.

The FATF welcomes 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.

Statement issued by FATF in Paris

However, it added that Pakistan will continue to work with APG to further improve its AML/CFT system.

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