UK Removes from “High Risk Third Countries” List

The United Kingdom has formally removed Pakistan from its list of “high-risk third countries,” according to Foreign Minister Bilawal Bhutto-Zardari, who offered “some good news” on Monday.

The decision was made based on Pakistan’s early completion of the Financial Action Task Force (FATF) action plan, according to the foreign minister, who posted a photo of the official document on his Twitter account.

ALSO READ:

REALME 10 PRICE IN PAKISTAN, SPECS, FEATURES, AND OTHER DETAILS

The UK’s list of high-risk third nations was modified by a Statutory Instrument issued by His Majesty’s Treasury on November 14, 2022. The revision removes Pakistan from the list in accordance with the FATF’s judgment from October 21, 2022, according to the official document.

The Foreign, Commonwealth, and Development Office acknowledged Pakistan’s improvements to its anti-money laundering and counter-terror financing measures. The UK government added Pakistan to its list of the 21 high-risk nations in April 2021 because of its lax restrictions on money laundering and terrorism financing.

ALSO READ:

HOW TO GET NADRA TRACKING AND VERIFICATION SERVICE ONLINE

This list of 21 nations, which was made public by the UK government, was a copy of the list of nations that the FATF had identified as high-risk or requiring closer monitoring. Pakistan was ranked 15th on the list, alongside war-torn nations like Zimbabwe, Uganda, Yemen, and Syria.

The UK government claims that these countries are a concern because of lax tax enforcement and a lack of safeguards against the financing of terrorism and money laundering.

The FATF, a global organization that monitors money laundering and the financing of terrorism, did, however, eventually remove Pakistan from its “grey list” in October after four years. Raja Kumar, the president of the international organization, declared that Pakistan’s name had been taken off the “grey list” since it had complied with all 34 of the action plan’s recommendations.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular