‘Excellent news’: UK removes Pakistan from its ‘Excessive Danger Third International locations’ checklist

Pakistan´s International Minister Bilawal Bhutto Zardari speaks throughout a press convention in Karachi on October 15, 2022. — AFP/File

International Minister Bilawal Bhutto-Zardari Monday shared “some excellent news”, asserting that the UK has formally eliminated Pakistan from its ‘Excessive-Danger Third International locations’ checklist.

Sharing an image of the official doc on his Twitter deal with, the international minister stated that the choice was taken on Pakistan’s early completion of the Monetary Motion Job Drive’s (FATF) motion plan.

“His Majesty’s Treasury issued an modification to the UK’s Excessive-Danger Third International locations’ checklist ON November 14, 2022, via a Statuary Instrument. The modification removes Pakistan from the checklist in accordance with the choice taken by the FATF on October 21, 2022,” the official doc learn.

“The International, Commonwealth and Growth Workplace acknowledges the progress Pakistan has made to enhance cash laundering and terrorist financing controls,” it additional added.

In April 2021, the UK authorities added Pakistan to the checklist of undesirable 21 high-risk international locations with unsatisfactory cash laundering and terrorist financing controls.

This checklist of 21 international locations — launched by the UK Authorities — replicated the checklist of nations named by the FATF as high-risk or beneath elevated monitoring. Pakistan shared the checklist at quantity 15 with conflict-ridden international locations comparable to Syria, Uganda, Yemen and Zimbabwe.

In line with the UK authorities, the nations on this class pose a menace due to weak tax controls and a scarcity of checks and balances on terrorism-financing and cash laundering.

Nevertheless, final month (October) the FATF, a world money-laundering and terrorism-financing watchdog, lastly eliminated Pakistan from its gray checklist after 4 years.

The worldwide physique’s President Raja Kumar had introduced that Pakistan’s title has been faraway from the “gray checklist” because the nation addressed all 34 factors of the motion plan.

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