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FATF: Pakistan one step closer to exit from ‘grey list’

Karachi, June 21, 2022: Though Financial Action Task Force (FATF) has taken a decision in favor of Pakistan, the country may still remain in the ‘grey list’ for another couple of months.

FATF declared Pakistan compliant on all 34 action points that were required by but the next course of action is an on-site visit by FATF’s technical evaluation team.

The committee will ensure the adoption, implementation and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards.

A successful on-site visit would result in Pakistan being moved back to the ‘white list’, which would mean Pakistan would not be among the countries that require increased monitoring over concerns on potential money laundering and terrorism financing.

The exit is a symbolic positive as it would consequently open the country for bi-lateral and multi-lateral trade and investments to the world with more confidence from foreign investors.

The next set of meetings by FATF is scheduled in Oct-2022, where any changes announced in the same would reportedly implement from Feb-2023.

It took Pakistan four years, since it was put in the ‘grey list’ in 2018, to reach to this point. Before 2018, Pakistan has been placed in the ‘grey list’ in 2008 and in 2012, where the country took 2-3 years in each episode to comply with the standard that would lead to exit from the list.

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