FATF ‘Begins’ the Process of Removing Pakistan From the Grey List

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FATF Process of Removing Pakistan From the Grey List
FATF Process of Removing Pakistan From the Grey List

The Financial Action Task Force (FATF), an international financial watchdog for combating money laundering and terrorist financing, announced on Friday that it will begin the process of removing Pakistan from the ‘grey list’ after four years of rigorous monitoring of its efforts to combat terror financing, effectively ending the threat of Islamabad being blacklisted.

According to a statement issued by the FATF on Friday, “at its June 2022 Plenary, the FATF made the preliminary determination that Pakistan has substantially completed its two action plans, covering 34 items.” It went on to say that the initial determination “warrants an on-site visit to verify that Pakistan’s AML/CFT reforms have begun and are being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future.”

According to Pakistani authorities, the global body will send a mission to Pakistan next month to determine the veracity of the government’s claim that it has fully implemented all 34 conditions set by the FATF in February 2018 and again in June 2021. Pakistan was asked to implement these conditions in 15 months, but due to the complexity of these issues, it took nearly four years.

Hina Congratulates the Nation

Minister of State for Foreign Affairs Hina Rabbani Khar, who led Pakistan’s delegation through the four-day plenary session that began on Tuesday in Berlin, congratulated the country on successfully completing the FATF action plans.

“As you are aware, Pakistan is in Berlin for the FATF meeting. On many of their action plan checks, the FATF unanimously cleared Pakistan. “This is the beginning of the process of removing Pakistan from the grey list,” she said in a video message posted to her Twitter account.

“A technical assessment team will be dispatched to Pakistan.” We will make every effort to ensure that the technical evaluation team completes their work before the preliminary cycle in October 2022 and that they are as comfortable as possible. I’d like to thank everyone who worked until the wee hours of the morning. My Berlin team worked very hard, and I’m glad that their efforts were noticed and appreciated. “I’d like to congratulate the entire country,” she said.

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