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UK takes Islamic Republic of Pakistan off its ‘High-Risk Third Countries’ list
Decision comes once Islamabad’s early completion of FATF action plans, says FM Bilawal
Foreign Minister Bilawal Bhutto Zardari on Monday same that the UK has formally removed Islamic Republic of Pakistan from its list of "High-Risk Third Countries".
In a tweet together with an image of the written document, Bilawal same that the choice comes once Pakistan's early completion of FATF action plans.
“His Majesty’s Treasury issued AN change to the UK’s 'High-Risk Third Countries’ list on fourteen November 2022, through a Statuary Instrument. The change removes Islamic Republic of Pakistan from the list in accordance with the choice taken by the money Action Task Force (FATF) on twenty one October 2022,” the written document scan.
It same that the Foreign, Commonwealth and Development workplace (FCDO) recognises the progress Islamic Republic of Pakistan has created to enhance concealment and terrorist finance controls.
In a major development last month, the FATF took Islamic Republic of Pakistan off a worldwide concealment watchlist, officers same in a very move national capital hopes can ease foreign investment and boost the country’s economy.
The international money-laundering watchdog place the country on its supposed gray list in June 2018, once national capital didn't implement policies aimed toward stamping out concealment and also the finance of international terror teams.
The move severely curtailed exchange flows and discouraged foreign direct investment by putt reams of procedure around even the only comes.
In a statement, the Paris-based organisation same it "welcomes Pakistan's important progress" in its anti-money wash efforts.
"Pakistan is so now not subject to the FATF's accumulated observance method," it added.
“The FATF welcomes Pakistan’s important progress in up its AML/CFT regime. Islamic Republic of Pakistan has reinforced the effectiveness of its AML/CFT regime and self-addressed technical deficiencies to fulfill the commitments of its action plans concerning strategic deficiencies that the FATF known in June 2018 and June 2021, the latter of that was completed beforehand of the deadlines, encompassing thirty four action things in total. Islamic Republic of Pakistan is so now not subject to the FATF’s accumulated observance method,” scan the statement.
“Pakistan can still work with the APG to any improve its AML/CFT system,” the statement another.
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