After four years, Pakistan was removed from the Financial Action Task Force’s (FATF) global watchdog on money laundering and terrorism financing’s “grey list,” putting an end to rumours.

“Pakistan is no longer subject to FATF’s increased monitoring process; to continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system,” states FATF.

Due to Pakistan’s failure to control the risk of money laundering, which can result in corruption and the financing of terrorism, it was placed on the disgraceful list in 2018.

Islamabad was having more trouble receiving financial assistance from the IMF, the World Bank, the Asian Development Bank (ADB), and the European Union as a result of Pakistan’s continued inclusion on the grey list, which was aggravating the nation’s already dire financial situation.

To advance from the grey list to the white list, the South Asian nation required 12 votes out of 39 total. It required the backing of three nations to stay off the black list. Malaysia, China, and Turkey have consistently backed it.

after being listed on the “grey list” by the international watchdog on money laundering and financing of terrorism in Paris It was given a strategy in June 2018 to finish it by October 2019. Since then, the nation has remained on that list as a result of its failure to follow FATF regulations.

The FATF is an intergovernmental organisation that was created in 1989 to address risks to the integrity of the global financial system, including money laundering, financing of terrorism, and other related issues.

The European Commission and Gulf Cooperation Council are two regional organisations among the 39 members of the FATF at the moment. India participates in the Asia Pacific Group and FATF consultations.

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