The Financial Action Task Force (FATF) removed Pakistan from the gray list.
A 2-day meeting of FATF was held in Paris in which the removal of Pakistan’s name from the gray list was reviewed.
The Pakistani delegation was led by Minister of State for Foreign Affairs Hana Rabbani Khar. After the meeting, FATF formally announced the removal of Pakistan from the gray list. Getting out of FATF’s gray list will make it easier for Pakistan to get foreign funding.
According to the declaration, Pakistan will remain under the monitoring of FATF, Pakistan needs more implementation of the Anti-Money Laundering and Terror Financing Laws.
While giving a press conference, FATF President T Rajakumar said that Russia’s FATF membership has been suspended due to the Ukraine war, and Congo, Mozambique, and Tanzania are being added to the gray list.
He said that Pakistan has been removed from the gray list of FATF, Pakistan was on the gray list of FATF since 2018 and Pakistan has acted on all the demands.
President Raja Kumar said that we welcome Pakistan for coming out of the gray list, FATF visited Pakistan and reviewed all the reforms, Pakistan has improved its system to prevent money laundering and terror financing and implemented 34 points. What is the import? Also, Read What is FATF? and What is the current position of Pakistan?
Financial Action Task Force (FATF)
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.
The main responsibilities of the organization are to take steps to prevent money laundering and terrorist financing at the global level.
Adding Pakistan’s name to the global watch list will require it to undergo strict monitoring of international aid, loans, and investments, which will affect foreign investment and have negative effects on the country’s economy.
