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Pakistan exits FATF 'grey list' after four years of scrutiny

07:53 PM | 21 Oct, 2022
Pakistan exits FATF 'grey list' after four years of scrutiny
Source: File Photo

PARIS – The Financial Action Task Force (FATF) Friday 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 place on the grey list, the country had been taking various measures to its failure to comply with the FATF’s 34-point action plan.

Minister of State for Foreign Affairs Hina Rabbani Khar led the Pakistani delegation in the FATF meeting. 

Prime Minister Shehbaz Sharif has commended the role and efforts of Foreign Minister Bilawal Bhutto-Zardari, Chief of Army Staff (COAS) General Qamar Javed Bajwa and all political partiies for their united front to get Pakistan out of the grey list.

“I would particularly commend the role & efforts of Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa and their teams & all  political parties for putting up a united front to get Pakistan out of the grey list. Alhumdulillah!” he wrote on Twitter.

He said that the development is a vindication of “our determined and sustained efforts over the years”.

“I would like to congratulate our civil & military leadership as well as all institutions whose hard work led to today's success. Aap sab ko bohat bohat Mubarak,” the premier concluded.  

Bilawal Bhutto-Zardari has also congratulated the nation after the FATF’s decision.

Taking to Twitter, he wrote: “Congratulations to the people of Pakistan. Pakistan has officially been removed from the FATF ‘grey list’. Pakistan Zindabad”.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 23 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 23, 2024 (Friday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.45 for selling.

Euro comes down to 301 for buying and 304 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 75.95 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 23 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.5 282.45
Euro EUR 301 304
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 75.95 76.7
Saudi Riyal SAR 74.25 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.60 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal ‎QAR 76.76 77.43
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.87
Thai Bhat THB 7.79 7.94

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