Pakistan cut out FATF grey list after 4 years

WASHINGTON: Pakistan's ignominious FATF status has changed after four years of global opprobrium of being grey-listed for its failure to check money laundering . Pakistan worked its way out of the list with numerous measures that was recognized by the the Financial Action Task Force (FATF), the global money laundering and terrorism financing watchdog. “Pakistan has strengthened the effectiveness of its Anti-Money Laundering/Combating Financing Terror regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021... (it) is therefore, no longer subject to the FATF’s increased monitoring process,” FATF said in a statement on Friday, adding that the country would work with Asia-Pacific Group to further improve its AML/CFT system. Pakistan has been retrieved under the supervision of T.Raja Kumar,a Singaporean home ministry official who took over the watchdog's leadership in July. Kumar hailed Pakistan's efforts to "strengthen risk-based supervision of financial and non-financial institutions, improve asset confiscation outcomes, and investigate and prosecute money laundering" as a result of which Pakistan has taken off the increased monitoring list. Islamabad with a series of legislative measures worked its way out to meet FATF conditionalities, including passing a Mutual Legal Assistance (Criminal Matters) Amendment Bill -- dubbed the FATF bill -- which will enable the nations to obtain cooperation in criminal matters through mutual legal assistance and extradition where required. Reported by: Muhammad shahzad Anwar Pakistan reporter