The Financial Action Task Force (FATF), a global watchdog on terror financing and money laundering, on Friday announced its decision to free Pakistan from its “grey list”.
In a statement, FATF said: “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.”
The global watchdog also said that Pakistan “strengthened effectiveness of its AML/CFT regime and addressed technical deficiencies to meet commitments of its action plans regarding strategic deficiencies that FATF identified”.
The decision will enable the country to get foreign funds to overcome its economic situation.
