The global terror watchdog Financial Action Task Force (FATF) has taken Pakistan's name off its 'grey list'.
Pakistan is no longer subject to FATF’s increased monitoring process, it said, adding, that the country will work with Asia Pacific Group on Money Laundering to improve its anti-money laundering and counter-terrorist financing (AML/CFT) system.
FATF said in a statement that Pakistan 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."
Reacting to the development, Prime Minister Shehbaz Sharif said his country exiting the list is "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," he said in a tweet.
"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," he said in another tweet.
Pakistan has been in FATF grey list for the past four years. The action by the agency would mean that Pakistan will now be able to avail funds from International Monetary Fund (IMF) and the European Union to overcome the financial crisis that the country is in.
Set up in 1989, FATF is an inter-governmental body that sets international standards to prevent global money laundering and terrorist financing. The 39-member body, of which India is also a member, works to generate the necessary political will to bring about national legislative and regulatory reforms, to combat terror.
Meanwhile, Myanmar has been put in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
