ISLAMABAD: In a major development, the Financial Action Task Force (FATF) removed Pakistan from its ‘grey list’, acknowledging the country’s progress to fully comply with the plan of action.

“The FATF welcomes Pakistan’s significant progress in improving its AML/CFT regime. Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was completed in advance of the deadlines, encompassing 34 action items in total.

Pakistan is therefore no longer subject to the FATF’s increased monitoring process.  Last month, Pakistan s foreign office said a FATF technical team had conducted a "successful" visit and Islamabad was expecting a "logical conclusion" of evaluation process in October. Prime Minister Shehbaz Sharif expressing gratitude over Pakistan's removal from FATF grey list said that decision was vindication of country's determined and sustained efforts and sacrifices against terrorism. In a statement issued after Financial Action Task Force announced Pakistan's removal from its grey list, congratulated nation over revival of Pakistan's credibility and dignity internationally.

"Thanks to Allah Almighty as Pakistan got delieverance from FATF grey list. I bow before Allah Almighty over honour earned by Pakistan," he said.

Calling it a recognition of Pakistan's huge sacrifices against terrorism, he thanked FATF countries who accepted Pakistan's viewpoint on platform of terror-financing watchdog. He also congratulated Foreign Minister Bilawal Bhutto Zardari, foreign ministry, armed forces, Director General of Military Operations and all relevant ministries and departments.

He thanked Chief of Army Staff General Qamar Javed Bajwa for playing a key role in process. "We always gave priority to national and state interests and that is why Allah Almighty blessed Pakistan with success," he said. He said removal from FATF grey list would cast positive impacts on Pakistan's economy, diplomacy and politics.

Meanwhile, Foreign Minister Bilawal Bhutto Zardari extended his congratulations to nation after Pakistan has managed to exit from Financial Action Task Force (FATF) 'grey list'.

Expressing his happiness on Twitter, Bilawal penned, "Congratulations to people of Pakistan. Pakistan has officially been removed from FATF 'grey list'. He concluded his tweet by praying for prosperity of country and wrote, "Long live Pakistan (Pakistan Zindabad).

Published in The Daily National Courier, October, 22 2022

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