Pakistan out of FATF's grey list after 4 years
The Financial Action Task Force (FATF), a global money-laundering and terrorism-financing watchdog said on Friday that it has removed Pakistan from its "increased monitoring" list, often known as the "grey list". FATF President Raja Kumar stated at a news conference following the completion of the plenary that Pakistani authorities have mainly addressed all of the action plan issues required under the guidelines.
Why does this story matter?
- Pakistan had been on the FATF grey list since June 2018 for failing to prevent money laundering, which allows terrorist financing.
- Pakistan has regularly been criticized for sheltering terrorists and aiding terrorism.
- India and the US asked Islamabad in April to take "immediate, consistent, and irreversible measures" to guarantee that none of its territories be exploited for terrorist activities.
FATF inspection team was satisfied with commitment of Pak administration
"Pakistan has taken action and largely addressed all of the action items it was subject to," said T Raja Kumar, President FATF. He said, "the FATF inspection team verified and was satisfied that there was a high-level political commitment on part of the Pak authorities to implement the current set of action steps and show commitment to ongoing reform."
Pakistan PM says announcement 'vindication' of efforts
Soon after the announcement, Pakistan Prime Minister Shehbaz Sharif stated Pakistan's removal from the FATF grey list validated the Pakistan administration's efforts. He complimented the civic and military leadership, as well as other institutions whose efforts contributed to today's victory. PM Shehbaz praised Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa, their teams, and all political parties.
'Aap sab ko bohat bohat Mubarak :)': Sharief
I would particularly commend the role efforts of Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa and their teams all political parties for putting up a united front to get Pakistan out of the grey list. Alhumdulillah! https://t.co/LkX5tupMQe
— Shehbaz Sharif (@CMShehbaz) October 21, 2022
Pakistan Foreign Minister Bilawal Bhutto commends
Congratulations to the people of Pakistan. Pakistan has officially been removed from the FATF ‘grey list’. Pakistan Zindabad.
— BilawalBhuttoZardari (@BBhuttoZardari) October 21, 2022
Imran Khan's PTI claims credit
Meanwhile, the leaders of Imran Khan's Pakistan Tehreek-e-Insaf (PTI) claimed credit for Pakistan's removal from the grey list. Former Minister Hammad Azhar stated that Pakistan accomplished all action items pertaining to FATF dual scrutiny from October 2018 to March 2022. "The credit goes to our fantastic team of officers in the Centre and provinces from an array of government divisions," he said.
India responds, mentions Pakistan's alleged inaction 26/11 Mumbai attack case
Meanwhile, India raised worry over the lack of action against the perpetrators of the 26/11 Mumbai terror attacks. Spokesperson of the Ministry of External Affairs Arindam Bagchi said that Pakistan "would have to continue to cooperate with the FATF subcommittee on a regular basis to enhance its Anti Money Laundering (AML) Counter Terror Financing (CFT) system."
Pakistan FATF record
According to India Today, Pakistan was on the FATF's "black list" from 2009 to 2012 before moving to the "grey list" from 2012 to 2015. They were placed on 'Regular follow-up (RFU)' from 2015-2018 after being removed from the 'grey list' in 2015. Similarly, it was on the 'grey list' from 2018 to 2022 and will now be placed in RFU, it added.
