Search

ad

Pakistan taken off from UK’s ‘High-Risk Third Countries’ list after completion of FATF action plans

09:21 AM | 15 Nov, 2022
Pakistan taken off from UK’s ‘High-Risk Third Countries’ list after completion of FATF action plans
Source: File Photo

ISLAMABAD – With Pakistan's exit from the Financial Action Task Force list, the United Kingdom has removed South Asian country from its list of ‘High-Risk Third Countries’.

Foreign Minister Bilawal Bhutto-Zardari shared the good news on Twitter by sharing a picture of the official document. FM mentioned that the decision was taken on Islamabad’s early completion of the action plan of anti-terror watchdog.

The official document shared by Mr Bhutto reads “His Majesty’s Treasury issued an amendment to the UK’s 'High-Risk Third Countries’ list on 14 November 2022, through a Statuary Instrument. The amendment removes Pakistan from the list in accordance with the decision taken by the Financial Action Task Force (FATF) on 21 October 2022.”

It further reads that the Foreign, Commonwealth and Development Office (FCDO) recognises the progress South Asian country has made to improve money laundering and terrorist financing controls.

Pakistan removed from global 'terrorism' financing list

Earlier in October, the Financial Action Task Force (FATF) freed Pakistan from its “grey list” as the South Asian country has successfully implemented an action plan to strengthen its laws to curb money laundering and terror financing.

FATF President Raja Kumar announced the decision in his press conference at the conclusion of its plenary, stating that Pakistan had been on the “grey list” since 2018.

“It has two concurrent action plans. After a lot of work by Pakistani authorities, they have largely addressed all of the action plan items."

Kumar said that that the FATF task force had conducted an onsite visit at the end of August. "The onsite team verified that there is a high level of commitment from the Pakistani leadership, sustainability of reforms and commitment to make improvements in the future," he added.

“As a result of these action plans, Pakistan has made significant improvements to strengthen the effectiveness of this framework for combating terrorism financing.”

Following the decision, Pakistan is no longer subject to the FATF’s increased monitoring process. However, it will continue to work with the Asia/Pacific Group (APG) on money laundering to further improve its AML/CFT system.

Since it was placed on the grey list, the country had been taking various measures to its failure to comply with the FATF’s 34-point action plan.

Daily Pakistan Global Web Desk

Advertisement

PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter