Foreign Minister Bilawal Bhutto Zardari hails the removal of Pakistan from the list of high-risk countries by the United Kingdom.
\nSharing a picture of the official document on his Twitter handle, the foreign minister said that the decision was taken on Pakistan\u2019s early completion of the Financial Action Task Force\u2019s (FATF) action plan.
\n\u201cHis Majesty\u2019s Treasury issued an amendment to the UK\u2019s High-Risk Third Countries\u2019 list ON November 14, 2022, through a Statuary Instrument. The amendment removes Pakistan from the list in accordance with the decision taken by the FATF on October 21, 2022,\u201d the official document read.
\n\u201cThe Foreign, Commonwealth and Development Office recognizes the progress Pakistan has made to improve money laundering and terrorist financing controls,\u201d it further added.
\nIn April 2021, the UK government added Pakistan to the list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls.
\nThis list of 21 countries released by the UK Government replicated the list of countries named by the FATF as high-risk or under increased monitoring. Pakistan shared the list at number 15 with conflict-ridden countries such as Syria, Uganda, Yemen and Zimbabwe.
\nAccording to the UK government, the 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.
\nHowever, last month (October) the FATF, a global money-laundering and terrorism-financing watchdog, finally removed Pakistan from its grey list after four years.
\nThe global body\u2019s President Raja Kumar had announced that Pakistan\u2019s name has been removed from the \u201cgrey list\u201d as the country addressed all 34 points of the action plan.
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