Islamabad: The Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, on Friday (October 21) removed Pakistan from ‘increased monitoring’ or ‘grey list’, news sources reported.
The announcement was made during a FATF plenary conference held to examine Pakistan’s progress in regulating and combating money laundering. According to the notification, Pakistan no longer requires heightened monitoring since it has completed all FATF-recommended anti-money laundering (AML) and counter-terror funding actions (CFT).
At the conclusion of its plenary, FATF President Raja Kumar stated that Pakistan had fulfilled the required procedures, which were later validated by the FATF during an on-site inspection in August, and had therefore been removed from the list. According to the statement, Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies identified by the FATF in June 2018 and June 2021, the latter of which was completed ahead of the deadlines, totalling 34 action items.
It is worth noting that Pakistan was placed on the enhanced monitoring list in 2018 and was forced to amend the current investment and anti-money laundering regulations. One of the goals of the policy modification was to control investment in the real estate market. The FBR designated the real estate sector as designated non-financial businesses and professions (DNFBPs), requiring all investments to be verified.
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.
