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Business News/ News / India/  Pakistan out of FATF's grey list; here's what India said
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Pakistan out of FATF's grey list; here's what India said

The Paris-based FATF took Pakistan off a list of countries under increased monitoring, also known as the grey list.
  • The FATF had issued the 27-point action plan after placing Pakistan on the 'Grey List' in June 2018. The action plan pertains to curbing money laundering and terror financing.
  • MEA spokesperson Arindam BagchiPremium
    MEA spokesperson Arindam Bagchi

    India has reacted on the removal of Pakistan from the FATF 'grey list' after four years. Financial Action Task Force (FATF) on 21 October excluded Pakistan from the grey list of the global watchdog on terror financing and money laundering after four years.

    "Pakistan is no longer subject to FATF's increased monitoring process; to continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system," states FATF.

    The Paris-based FATF took Pakistan off a list of countries under increased monitoring, also known as the "grey list".

    Reacting to this statement, MEA spokesperson Arindam Bagchi said that "As a result of FATF scrutiny, Pakistan has been forced to take some action against well-known terrorists, including those involved in attacks against the entire international community in Mumbai on 26/11."

    The world should remain clear that Pakistan must continue to take "credible, verifiable and irreversible" action against terrorism, India said.

    "It is in global interest that the world remains clear that Pakistan must continue to take credible, verifiable, irreversible and sustained action against terrorism and terrorist financing emanating from territories under its control," External Affairs Ministry spokesperson Arindam Bagchi said on Friday.

    "We understand that Pakistan will continue to work with the Asia Pacific Group on Money Laundering (APG) to further improve its Anti Money Laundering (AML) or Counter Terror Financing (CFT) system," he added.

    Pakistan was taken off the "grey list" in the wake of Islamabad's "high-level political commitment" in dealing with the menace of money laundering and carrying out reforms in its existing monitoring mechanism, according to the watchdog.

    Pakistan Prime Minister Shehbaz Sharif rejoiced over FATF order. In a tweet, he wrote, "Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years. I would like to congratulate our civil & military leadership as well as all institutions whose hard work led to today's success. Aap sab ko bohat bohat Mubarak :)."

    At a virtual press conference subsequently, FATF president T Raja Kumar, who is from Singapore, said Pakistan has largely addressed all the 34 items flagged by the watchdog.

    However, he said, Pakistan still needs to continue to work in this regard and the FATF encourages it to cooperate with its Asia Pacific Group to combat financial terrorism and money laundering. 

    Pakistan was placed on FATF's grey list in June 2018 whereby it was found non-compliant with recommendations of the FATF which targeted areas of risk assessment, national cooperation, targeted sanctions, preventative measures, due diligence, internal and third-party controls, law enforcement, regulation and supervision for money laundering and terror financing, amongst others, reported Geo News.

    The FATF had issued the 27-point action plan after placing Pakistan on the 'Grey List' in June 2018. The action plan pertains to curbing money laundering and terror financing.

    Pakistan was first put on the list in 2008, removed in 2009 and then again remained under increased monitoring from 2012 to 2015.

    Countries under Grey List are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list.

    This inclusion serves as a warning to the country that it may enter the blacklist. The FATF Plenary is the decision making body of the FATF. It meets three times per year.

    (With inputs from agencies)

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    Published: 22 Oct 2022, 09:37 AM IST
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