ISLAMABAD: In a major development, the Financial Action Task Force (FATF) on Friday took Pakistan off a global money laundering watchlist, officials said. 

In a statement on Friday, the Paris-based organisation said it “welcomes Pakistan’s significant progress” in its anti-money laundering efforts.

“Pakistan is therefore no longer subject to the FATF’s increased monitoring process,” it added.

“The FATF welcomes Pakistan’s significant progress in improving its AML/CFT regime. Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was completed in advance of the deadlines, encompassing 34 action items in total. Pakistan is therefore no longer subject to the FATF’s increased monitoring process,” read the statement.

“Pakistan will continue to work with the APG to further improve its AML/CFT system,” the statement added.

Separately, the FATF president told a news conference that Pakistan required no further work to do.

The international money-laundering watchdog put the country on its so-called grey list in June 2018.