Pakistan welcomes being dropped from 'grey list' of money-laundering watchdog FATF

The move severely curtailed exchange flows and discouraged foreign direct investment by putting reams of red tape around even the simplest projects.
Image used for representational purpose only.
Image used for representational purpose only.

NEW DELHI: In a major relief for cash-strapped Pakistan, the Paris-based Financial Action Task Force (FATF) on Friday took the terror-tainted country out of its inglorious ‘grey list’ (increased monitoring), four years after it was placed on it.

With the negativity gone, Islamabad will now be in a better position to seek financial aid from the International Monetary Fund, the World Bank, the Asian Development Bank and the European Union to support its economy.

Announcing the decision after the two-day plenary in Paris on Friday, FATF president Raja Kumar said Pakistan’s leadership showed a high level of commitment to combat financial terrorism and money laundering.

ALSO READ | Terror financing: Pakistan taken off from FATF's grey list after four years

Pakistan's foreign ministry said in a statement the decision was "much-awaited good news".

"Congratulations to the people of Pakistan," Foreign Minister Bilawal Bhutto Zardari tweeted.

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The New Indian Express