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Pakistan out of FATF gray list after 4 years, will the stains of terrorism be washed away?

Islamabad: After four years, Pakistan is out of the gray list of the Financial Action Task Force. The FATF has announced this decision after a two-day review meeting held in Paris. Pakistan has displayed this as its victory and has said that it will continue the policy of zero tolerance towards terrorism. However, experts believe that terrorism is part of Pakistan’s state policy. In such a situation, changing this policy will not be easy. In the last meeting, the FATF had said that it would visit Pakistan and take a decision only after taking stock of the actual situation. After which a FATF team reached Pakistan in September. After this visit, the Pakistani Foreign Office claimed that the FATF had given positive signs regarding this visit.

Pak was included in the gray list in 2018
Pakistan was included in the gray list in 2018 for funding terrorism. The FATF placed Pakistan on the watch list for deficiencies in the legal, financial, regulatory, investigative, prosecution, judicial and non-governmental sectors in combating money laundering and terrorism financing. After this, the FATF handed over a list of trade reform programs to Pakistan to get out of the gray list. Pakistan claims that it has fulfilled all the conditions given in the list. After the last meeting, Pakistan has claimed action against UN designated terrorists including Jaish-e-Mohammed (JeM) chief Masood Azhar, Lashkar-e-Taiba (LeT) founder Hafiz Saeed and Zakiur Rehman Lakhvi. As per Pakistan’s claim, all these terrorists are now imprisoned in jail.

What will be the effect on Pakistan
Experts claim that Pakistan’s exit from the gray list will not have any impact on the already troubled economy. However, this could help reduce scrutiny of global transactions involving Pakistan. Every major transaction from Pakistan remains under the watch of intelligence agencies around the world. Now the scrutiny of such transactions may come down slightly. Two Pakistani banks HBL and National Bank of Pakistan have already paid fines of crores of rupees for compliance failures and violation of anti-money laundering norms. In such a situation, these banks are also expected to get big relief. Exiting from the gray list of FATF will also open avenues for foreign investment in Pakistan.

Celebrations in Pakistan, leaders congratulating
There is an atmosphere of celebration in Pakistan after getting out of the gray list of FATF. Pakistani Foreign Minister Bilawal Bhutto Zardari tweeted that congratulations to the people of Pakistan. Pakistan has been officially removed from the ‘Grey List’ of FATF. Pakistan zindabad. Other leaders have also expressed happiness over the decision.

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