Paris: The Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, said on Friday that Pakistan has been removed from the grey list and is no longer subject to its increased monitoring process.
Pakistan is “no longer subject to FATF’s increased monitoring process; to continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system,” states FATF, reports news agency ANI.
Pakistan out of FATF's grey list
Pakistan is "no longer subject to FATF's increased monitoring process; to continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system," states FATF pic.twitter.com/kFp9biqVNG
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“Financial Action Task Force welcomes Pak’s significant progress in improving its AML/CFT regime. Pakistan strengthened effectiveness of its AML/CFT regime & addressed technical deficiencies to meet commitments of its action plans regarding strategic deficiencies that FATF identified,” the Paris-based inter-governmental body said.
Still work to be done on their (Pakistan) part: FATF president
FATF president T Raja Kumar said: They’ve (Pakistan) been removed from the grey list, however, there’s still work to be done on their part. I’m encouraging Pakistan to continue to work with the Asia-Pacific group to continue taking steps to combat terrorism financing: FATF president T Raja Kumar
The money laundering watchdog had put Pakistan on its grey list of untrustworthy jurisdictions in June 2018 because of “strategic counter-terrorist financing-related deficiencies.”
They’ve (Pakistan) been removed from the grey list, however, there’s still work to be done on their part. I’m encouraging Pakistan to continue to work with the Asia-Pacific group to continue taking steps to combat terrorism financing: FATF president T Raja Kumar
About FATF
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF currently has 39 members including two regional organisations — the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.
