The victory FATF for Pakistan coincides with improvements in relations with the US
"The Financial Action Task Force (FATF), a global organization that monitors the financing of terrorism and money laundering, announced on Friday that Pakistan had been removed from its "grey list." In a statement, FATF applauded Pakistan's notable advancements in strengthening its anti-money laundering and countering financial terrorism (AML/CFT) regime.
According to Singaporean FATF President T Raja Kumar, who spoke at a virtual press conference, Pakistan has largely addressed all 34 of the FATF's recommendations.
The international watchdog on money laundering and financing of terrorism also announced that Pakistan will now be on its "white list. After an on-site visit by a FATF team to monitor the situation, FATF chief Raja Kumar of Singapore stated that Pakistan could now combat money laundering and terrorist financing more effectively.
"Pakistani Prime Minister Shehbaz Sharif thanked his army chief Qamar Javed Bajwa and foreign minister Bilawal Bhutto for their efforts to remove their nation from the FATF's list. He claimed that the progress is proof of the years' worth of committed and persistent work.
"Despite Pakistan's significant diplomatic commitments and efforts to reduce AML for CFT, the task force kept Pakistan on the "Grey List" due to its risk profile. Even though other nations only need to comply with the action plan to an extent of 80% to receive clearance, Pakistan has been under pressure to adhere to it entirely.
"Pakistan has avoided being placed on a blacklist as a result of the supportive roles that China, Turkey, and Malaysia have played at the task force. Therefore, the study contends that strong diplomacy can free Pakistan from the FATF's grasp and remove it from the "list of strategic deficiencies" or "grey list.
The victory for Pakistan coincides with improvements in relations with the US, particularly following Imran Khan's removal from office. Khan had previously voiced his disapproval of the US in public and claimed that Washington had staged a coup to remove him.