The Financial Action Task Force (FATF) which is a global money laundering and terrorism financing watchdog removed Pakistan from its grey list on 21 October 2022 according to sources.
Pakistan was placed on the Grey List increased monitoring list of the Financial Action Task Force (FATF) on June 28, 2018, in PMLN Govt. The FATF told that Pakistan has substantially completed its two action plans but on-site visits are required to verify the country’s implementation.
FATF says that Pakistan has taken successful steps in anti-money laundering, and anti-terror financing. The statement said that Pakistan’s actions related to counter-terrorism are appreciated and Pakistan has successfully implemented the action plan ahead of time.
FATF said that Pakistan implemented all 34 points of the action plan ahead of time and Pakistan will continue to work with the Asia Pacific Group in the Financial Procedure.
The number of members of the Financial Action Task Force is 37, which includes 25 countries including the United States, the United Kingdom, China, India, and Turkey, the Gulf Cooperation Council, and the European Commission.
Pakistan Exit FATF Grey List
Last month, the Foreign Office said a FATF technical team had conducted a “successful” visit and Islamabad was expecting a “logical conclusion” of the evaluation process in October.
The Monetary Activity Team (FATF) is the worldwide tax evasion and fear monger funding guard dog. The legislative body sets global principles that expect to forestall these criminal operations and the mischief they cause to society. As a strategy-making body, the FATF attempts to produce the important political will to achieve public official and administrative changes here.
With in excess of 200 nations and wards focused on carrying out them. The FATF has fostered the FATF Proposals, or FATF Norms, which guarantee a planned worldwide reaction to forestall coordinated wrongdoing, defilement, and illegal intimidation. They assist specialists with pursuing the cash of lawbreakers managing unlawful medications, illegal exploitation, and different violations. The FATF additionally attempts to quit financing for weapons of mass obliteration.
The FATF surveys tax evasion and fear-monger funding methods and consistently reinforces its guidelines to address new dangers, for example, the guideline of virtual resources, which have spread as digital currencies gain prevalence. The FATF screens nations to guarantee they execute the FATF Norms completely and successfully and views nations to be answerable that don’t agree.