Pakistan exists FATF

Islamabad: The Financial Action Task Force (FATF), a worldwide organisation that monitors the funding of terrorism and money laundering, removed Pakistan off its “grey list” on Friday. Pakistan is no longer included in the dreaded classification after four years. In a statement, the Financial Action Task Force (FATF) said it was pleased with Pakistan’s progress in strengthening its system for fighting money laundering and financial terrorism (AML/CFT).

The FATF made the choice at its plenary meeting on October 20 and 21 in Paris.

“Pakistan has improved the efficiency of its AML/CFT regime and addressed technical shortcomings to fulfil its commitments in its action plans with regard to strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was finished ahead of schedule and covered a total of 34 action items.

As a result, Pakistan is no longer under the intensified FATF monitoring regime. To further enhance its AML/CFT system, Pakistan will continue to collaborate with APG, according to the statement.

Since Pakistan is no longer on the “grey list,” Islamabad is now free to request financial support from the World Bank, Asian Development Bank, International Monetary Fund, and European Union (EU) in order to raise its cash. – An unstable economy.

Notably, the FATF included Myanmar on its “high-risk jurisdictions subject to a call to action,” often known as the watchdog’s “blacklist,” for the first time.

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