Pakistan exits FATF “grey list”

After four years of strenuous and consistent efforts, Pakistan has been successfully removed from a list of countries subject to “increased monitoring,” also known as the “grey list,” by the Financial Action Task Force (FATF).

Prior to the FATF press conference, Foreign Minister Bilawal Bhutto-Zardari made the announcement, congratulating the country on its achievement.

Pakistan was added to the list of jurisdictions under increased monitoring in June 2018 due to deficiencies in its various sectors to combat money laundering and terror financing, both of which are considered serious threats to the global financial system.

Under a 27-point action plan, which was later increased to 34, the federal government made high-level political commitments to address these deficiencies.

Since then, the country has been actively working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing in order to meet international standards in accordance with the FATF’s 40-recommendations.

From August 29 to September 2, a 15-member joint delegation of the FATF and its Sydney-based regional affiliate, Asia Pacific Group, visited Pakistan to verify the country’s compliance with the FATF’s 34-point action plan.