Pakistan drop from FATF's grey list after 4 years

The Financial Action Task Force of FATF, the global watchdog on terror financing and money laundering, on Friday, said 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 established to combat money laundering, terror financing and other related threats to the integrity of the international financial system.

Pakistan Prime Minister Shehbaz Sharif reacted to Pakistan’s exit from the FATF grey list. He tweeted, “Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years. I would like to congratulate our civil & military leadership as well as all institutions whose hard work led to today's success. Aap sab ko bohat



bohat Mubarak (Congratulations to you all).”

FATF President, T Raja Kumar, said, “Pakistan has been on the grey list since 2018. There was a list of action plan items that it had to undertake and as far as demonstrated, Pakistan has taken action and largely addressed all of the action items it was subject to. So we were satisfied after the FATF inspection team went down to Pakistan, spoke to the authorities, took a look, verified and were satisfied that there was high level political commitment on part of the Pak authorities to not just implement the current set of action steps that they need to take but they are also committed to ongoing reform.”

Pakistan is no longer on the Financial Action Task Force (FATF) grey list. Earlier in the day, speculations were rife that the FATF is likely to free Pakistan from its grey list, enabling the country to try to get foreign funds to overcome its economic situation.