Pakistan removed from UK’s ‘High Risk Third Countries’ list: Zardari.
Bilawal stated that the decision was made following Pakistan’s early fulfilment of FATF action plans in a tweet that also included an image of the official paperwork.On November 14, 2022, His Majesty’s Treasury released a Statutory Instrument that amended the UK’s list of “High-Risk Third Countries.” According to the judgement made by the Financial Action Task Force (FATF) on October 21, 2022, the modification removes Pakistan from the list.
FCDO Appreciated Pakistan’s Anti-Money Laundering Policies
The Foreign, Commonwealth, and Development Office (FCDO) acknowledged Pakistan’s improvement in anti-money laundering and counter-terrorist financing measures.
Some good news. The United Kingdom has officially removed Pakistan from its list of ‘High Risk Third Countries’ following our early completion of FATF action plans. 🇵🇰 🤝 🇬🇧 pic.twitter.com/clcGHy5771
— BilawalBhuttoZardari (@BBhuttoZardari) November 14, 2022
Pakistan was removed from a global money laundering watchlist by the FATF last month, according to officials, in a significant achievement that Islamabad hopes will facilitate foreign investment and strengthen the economy of the nation.
In June 2018, the international money-laundering watchdog added Pakistan to its “grey list” for failing to enact laws intended to combat money laundering and the financing of foreign terrorist organizations.
The action substantially reduced exchange rates and deterred foreign direct investment by enclosing even the most straightforward enterprises in reams of paperwork.
FATF Monitoring Mechanism No Longer Applies To Pakistan
The Paris-based organization issued a statement in which it expressed its “support” for Pakistan’s “substantial progress” in its anti-money laundering initiatives.
As a result, “Pakistan is no longer subject to the FATF‘s heightened monitoring process,” the statement continued.
FATF Identified In June 2018
The FATF applauds Pakistan for making substantial strides toward strengthening its AML/CFT regime. In order to fulfil the obligations of its action plans regarding the strategic deficiencies that the FATF identified in June 2018 and June 2021, Pakistan has strengthened the efficacy of its AML/CFT regime and addressed technical shortcomings, the latter of which was finished ahead of schedule and included a total of 34 action items. As a result, Pakistan is no longer under the FATF’s stricter surveillance regime, according to the statement.
The statement continued, “Pakistan will continue to engage with the APG to further enhance its AML/CFT system.
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