Pakistan gets off FATF's ‘grey list’ after 4 years

ISTANBUL / ISLAMABAD, Pakistan

In a major development, Pakistan on Friday got off the Financial Action Task Force’s (FATF) list of countries under increased monitoring, also known as the “grey list.”

The South Asian nation had been on the list since June 2018 for deficiencies in its system to curb money laundering and terror financing.

After a 2-day session, T. Raja Kumar, president of the global financial watchdog, acknowledged the country’s progress to fully comply with a 34-point action plan.

He said the task force had conducted an onsite visit at the end of August and verified that there is a high-level of commitment from the Pakistani leadership.

"Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years," Prime Minister Shehbaz Sharif said after the announcement. "I would like to congratulate our civil & military leadership as well as all institutions whose hard work led to today's success."

Bilawal Bhutto Zardari, Pakistan's foreign minister, also congratulated the Pakistani nation for being removed from the list. "Pakistan Zindabad," he tweeted.