Islamabad: According to press reports, the Financial Action Task Force (FATF) Asia Pacific Group (APG) has improved Pakistan’s compliance rating on 31 of 40 recommendations, considerably enhancing the country’s chances of being removed from the grey list. The improvement has been interpreted as good news for the economy.
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Pakistan has upgraded its legislation and local regulations to combat money laundering, according to information available on the FATF website. As a result, Pakistan has been placed on the FATF’s Enhanced (expedited) Follow-up list. As a result, Pakistan will be removed from the Greylist before the end of the year.
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Minister Hammad Azhar expressed his delight at the improved rating, saying that it is positive and will bring more stability to the economy and strengthen Pakistan’s international standing.
According to reports, Pakistan’s previous inclusion on the FATF grey list cost the country USD 38 billion in lost chances and foreign direct investment (FDI).
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