Islamabad: The United Kingdom has officially removed Pakistan from its list of “High Risk Third Countries” as a result of Pakistan’s effective measures against money laundering and terror financing.
Foreign Minister Bilawal Bhutto Zardari tweeted the “good news” and included a letter from the Foreign, Commonwealth, and Development Office.
“Excellent news. The United Kingdom has officially removed Pakistan from its list of “High-Risk Third Countries” after completing FATF action plans early “Bilawal tweeted.
His Majesty’s Treasury issued a modification to the United Kingdom’s list of High-Risk Third Countries via Statutory Instrument on November 14, 2022. The modification removes Pakistan from the list in compliance with the FATF’s October 21, 2022, decision, as stated in the official document.
“The Foreign, Commonwealth, and Development Office welcomes Pakistan’s efforts to strengthen controls over money laundering and terrorism financing,” the statement continued.
Pakistan was added to the list of 21 unacceptable high-risk nations with inadequate money laundering and terrorist funding restrictions in April 2021.
This list of 21 countries, provided by the British government, replicated the FATF’s list of high-risk or closely monitored nations. The fifteenth spot on the list was shared by conflict-ridden nations, including Syria, Uganda, Yemen, and Zimbabwe.
According to the government of the United Kingdom, the nations in this category represent a threat due to their lax tax procedures and lack of safeguards against terrorism financing and money laundering.
After four years, the FATF, a global monitor for money laundering and terrorism financing, removed Pakistan from its grey list last month (October).
President Raja Kumar of the international organization said that Pakistan had been removed from the “grey list” after addressing all 34 items of the action plan.