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.
الحمدللہ۔۔!!! پاکستان کیلئے بہت بڑی خوشخبری!!! FATF گرے لسٹ سے پاکستان نکل گیا! اس عظیم کامیابی کا سہرا آرمی چیف جنرل قمر جاوید باجوہ کے نام رہے گا۔ آرمی چیف کا کلیدی کردار؛ قومی اساروں کیساتھ ملکر تمام نکات پر عمل یقینی بنایا جسکا اعتراف FATF کے صدر بھی کر رہے ہیں۔۔۔ pic.twitter.com/jkrYvVHsg4
— Gharidah Farooqi (T.I.) (@GFarooqi) October 21, 2022
“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.
Pakistan 🇵🇰 exiting the FATF grey list 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 🙂
— Shehbaz Sharif (@CMShehbaz) October 21, 2022
“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.
Congratulations to the people of Pakistan. Pakistan has officially been removed from the FATF ‘grey list’. Pakistan Zindabad.
— BilawalBhuttoZardari (@BBhuttoZardari) October 21, 2022
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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