FATF formally removes Pakistan from its grey list

The Financial Action Task Force has announced to formally remove Pakistan from its grey list.

This was announced by FATF President T Raja Kumar in Paris on Friday.

He said Pakistan had been on the grey list since 2018 and after a lot of work by the Pakistani authorities, they completed a combined 34 action items to address deficiencies in the anti-money laundering and counterterrorism financing systems.

Raja Kumar said FATF welcomes this significant progress as a result Pakistan can now more effectively tackle anti-money laundering and terror financing.

He said a FATF team has verified that the reforms are in place and that there is a high level of commitment and capacity to sustain those reforms. He said these reforms are good for the stability of the country and the region.