ISLAMABAD: In recognition of effective measures taken by Pakistan against money laundering and terror financing, United Kingdom has officially removed country from its list of “High Risk Third Countries”.

Foreign Minister Bilawal Bhutto Zardari announced “good news” while sharing a letter of Foreign, Commonwealth and Development Office on his twitter handle. 

“Some good news. United Kingdom has officially removed Pakistan from its list of ‘High Risk Third Countries’ following our early completion of FATF action plans,” tweeted Bilawal. His Majesty Treasury issued an amendment to UK High-Risk Third Countries list oN November 14, 2022, through a Statuary Instrument. Amendment removes Pakistan from list in accordance with decision taken by FATF on October 21, 2022, official document read. Foreign, Commonwealth and Development Office recognises progress Pakistan has made to improve money laundering and terrorist financing controls, it further added. In April 2021, UK government added Pakistan to list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls.

According to UK government, nations in this category pose a threat because of weak tax controls and a lack of checks and balances on terrorism-financing and money laundering. However, last month (October) the FATF, a global money-laundering and terrorism-financing watchdog, finally removed Pakistan from its grey list after four years. The global body’s President Raja Kumar had announced that Pakistan’s name has been removed from the “grey list” as the country addressed all 34 points of the action plan.

Published in The Daily National Courier, November, 15 2022

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