Shehbaz Sharif's 1st statement on Pakistan's FATF exit: 'Vindication of our determined efforts...'

Pakistan Prime Minister Shehbaz Sharif rejoiced over the Financial Action Task Force`s (FATF) exclusion of Islamabad from its grey list after four long years, the group which combat money laundering and terrorist financing. "Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years. I would like to congratulate our civil & military leadership as well as all institutions whose hard work led to today`s success. Aap sab ko bohat bohat Mubarak :)," tweeted the Pak PM.

Pakistan has been taken out from Financial Action Task Force`s (FATF) `grey list` with the global watchdog stating that Islamabad would continue to work with the Asia/Pacific Group on Money Laundering to further improve its anti-money laundering and counter-terrorist financing (AML/CFT) system. Shehbaz further commended the role and efforts of Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa for putting up a united front to get Pakistan out of the grey list. "I would particularly commend the role & efforts of Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa and their teams & all political parties for putting up a united front to get Pakistan out of the grey list. Alhumdulillah!" tweeted Shehbaz.

Meanwhile, Bilawal Bhutto congratulated Pakistan for getting out of FATF`s grey list. "Congratulations to the people of Pakistan. Pakistan has officially been removed from the FATF `grey list`. Pakistan Zindabad," tweeted Bilawal. The Paris-based inter-governmental body had put Pakistan on its grey list of untrustworthy jurisdictions in June 2018 because of "strategic counter-terrorist financing-related deficiencies. "FATF President Raja Kumar, in his press conference at the conclusion of its plenary, stated that Pakistan had been on the grey list since 2018. He said, "It has two concurrent action plans. After a lot of work by Pakistani authorities, they have largely addressed all of the action plan items."

Kumar maintained that the task force had conducted an onsite visit at the end of August. "The onsite team verified that there is a high level of commitment from the Pakistani leadership, sustainability of reforms and commitment to make improvements in the future," he said."As a result of these action plans, Pakistan has made significant improvements to strengthen the effectiveness of this framework for combating terrorism financing.

"Pakistan was placed on FATF`s grey list in June 2018 whereby it was found non-compliant with recommendations of the FATF which targeted areas of risk assessment, national cooperation, targeted sanctions, preventative measures, due diligence, internal and third-party controls, law enforcement, regulation and supervision for money laundering and terror financing, amongst others, reported Geo News.

The FATF had issued the 27-point action plan after placing Pakistan on the `Grey List` in June 2018.

The action plan pertains to curbing money laundering and terror financing.Pakistan was first put on the list in 2008, removed in 2009 and then again remained under increased monitoring from 2012 to 2015.Countries under Grey List are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.The FATF Plenary is the decision making body of the FATF. It meets three times per year.