Islamabad: The Financial Action Task Force (FATF), Asia Pacific Group (APG) has improved Pakistan’s rating on compliance over 31 out of 40 recommendations, significantly improving the chances of getting out of the grey list, news sources reported. The improvement is seen as positive news for the economy.
Read: FATF recognises Pakistan’s efforts, extends grey list deadline till June According to the information available on the FATF website, Pakistan has improved its legislation and local laws to curb money laundering. Subsequently, the FATF review group has placed Pakistan on the Enhanced (expedited) Follow-up list. This means Pakistan will move out of the Greylist in the latter part of the year.
Minister Hammad Azhar expressed his pleasure over rating improvement and said that the improvement in the rating is encouraging and will bring more stability to the economy and Pakistan international standing. Reportedly, the previous placement of Pakistan on the FATF grey list has cost Pakistan USD 38 billion in terms of opportunities lost and the withdrawal of Foreign Direct Investment (FDI).
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
