Pakistan is out of FATF grey list

Pakistan is out of FATF grey list

Country will continue to work on money laundering and further improve the system

Reuters file photo used for illustrative purpose

By Web Desk

Published: Fri 21 Oct 2022, 7:16 PM

Last updated: Fri 21 Oct 2022, 7:34 PM

Paris-based global money laundering and terrorism financing watchdog, Financial Action Task Force (FATF), has removed Pakistan from a list of countries that were under ‘increased monitoring’, the organisation said on Friday.

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,” said FATF in a tweet shared by ANI.

The country had been on the grey list since 2018. The global watchdog welcomed Paksitan’s significant progress in improving its AML/CFT regime.

Pakistan strengthened effectiveness of its AML/CFT regime and addressed technical deficiencies to meet commitments of its action plans regarding strategic deficiencies that FATF identified.

source:https://www.khaleejtimes.com/

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