Pakistan stays on FATF 'Grey List'

Wednesday 22nd June 2022 06:36 EDT

Islamabad: Pakistan will continue to be on the "Grey List" of countries under increased monitoring of the Financial Action Task Force (FATF), a statement from the global money-laundering and terror-financing watchdog said.

It said the country may be removed from the list after an on-site visit to verify the implementation of its reforms on countering terror-financing mechanisms.

"Pakistan is not being removed from the Grey List. It will be removed if the on-site visit finds that its actions are sustainable," outgoing FATF president Marcus Pleyer said.

He said a formal announcement on Pakistan's removal would follow an on-site inspection, which would be conducted before October. "At its June 2022 plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan's AML (anti-money laundering) and CFT (combating the financing of terrorism) reforms has begun and is being sustained and that the necessary political commitment remains in place to sustain implementation and improvement in the future," the statement said.

The June 2022 plenary session of the FATF was held in Germany's Berlin. The statement said since 2018, Pakistan's continued political commitment to combating both terror financing and money laundering has led to "significant progress".

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