Pakistan eyes removal from grey list after completing FATF's action plan
LAHORE – Pakistan is expected to finally exit the grey list of the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, after languishing in the infamous category for more than four years.
The two-day plenary session of FATF will be held under the Presidency of T. Raja Kumar in the French capital today where officials will discuss removing the South Asian country’s name from increased monitoring list – also known as the grey list.
After the discussions, FATF president Raja Kumar will address a news conference in which he will announce Pakistan’s removal from its infamous grey list.
Minister of State for Foreign Affairs Hina Rabbani Khar is also in Paris to attend a crucial meeting of the FATF.
Pakistan earlier complied with the action plan provided by FATF, also known by its French name, Groupe d'action financière.
Meanwhile, a high-level team of an international organisation visited Pakistan in August this year and verified steps taken by the country, however, the visit was kept under wraps. The delegation further reviewed the sustainability of government initiatives and their implementation.
The removal from the grey list will help Islamabad to come clean over deficiencies in the system to avert money laundering and terror financing.
In the last FATF meeting, officials retained country’s name in its grey list and pushed Islamabad to do more against terror groups.
Pakistan was placed on the grey list in June 2018 for deficiencies in its system to avert money laundering and terror financing.
Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).
In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.
Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.
UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.
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