FATF takes Pakistan off its global ‘grey’ list for terrorism financing

Fast News

The South Asian nation had been on the list since June 2018 for deficiencies in its system to curb money laundering and terror financing.

In a meeting in June, the FATF had said it was keeping Pakistan on the so-called “grey list”, but said it might be removed after an on-site visit to verify progress. (AFP)

Pakistan has been removed
from an international grey list that warrants increased
surveillance for terrorism financing, the head of the
international money laundering watchdog which makes the list
said.

The decision was taken at the end of a two-day meeting in
Paris, Financial Action Task Force (FATF) President Raja Kumar
told a news conference on Friday.

“Pakistan had addressed technical deficiencies to meet
the commitments of its action plans regarding strategic
deficiencies that the FATF identified in June 2018 and June
2021,” Kumar said in a summary speech.

READ MORE: How FATF has been misused for political purposes around the world

Pakistan has MA exited FATF Grey List. This has been a long and arduous journey that has only been made possible through strong political ownership across the political spectrum. It shows Pakistan can achieve much when we work together for Pakistan’s interest. pic.twitter.com/AUWZcXW4l8

— Hina Rabbani Khar (@HinaRKhar) October 21, 2022

Reputation boost

In a meeting in June, the FATF had said it was keeping
Pakistan on the so-called “grey list”, but said it might be
removed after an on-site visit to verify progress.

Pakistan was listed in 2018 because of “strategic
counter-terrorist financing-related deficiencies”.

With its removal from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing.

“Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years,” Prime Minister Shehbaz Sharif said after the announcement. 

“I would like to congratulate our civil and military leadership as well as all institutions whose hard work led to today’s success.”

READ MORE: Pakistan to stay on FATF ‘grey list’ despite ‘significant progress’

Source: TRTWorld and agencies

FATF takes Pakistan off its global ‘grey’ list for terrorism financing
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