UK takes Pakistan off its ‘High-Risk Third Countries’ list

Foreign Minister Bilawal Bhutto Zardari on Monday said that the United Kingdom has officially removed Pakistan from its list of "High-Risk Third Countries".

In a tweet along with a picture of the official document, Bilawal said that the decision comes after Pakistan's early completion of FATF action plans.

“His Majesty’s Treasury issued an amendment to the UK’s 'High-Risk Third Countries’ list on 14 November 2022, through a Statuary Instrument. The amendment removes Pakistan from the list in accordance with the decision taken by the Financial Action Task Force (FATF) on 21 October 2022,” the official document read.

It said that the Foreign, Commonwealth and Development Office (FCDO) recognises the progress Pakistan has made to improve money laundering and terrorist financing controls.

Read more: FATF takes Pakistan off ‘grey list’

In a major development last month, the FATF took Pakistan off a global money laundering watchlist, officials said in a move Islamabad hopes will ease foreign investment and boost the country’s economy.

The international money-laundering watchdog put the country on its so-called grey list in June 2018, after Islamabad failed to implement policies aimed at stamping out money laundering and the financing of international terror groups.

The move severely curtailed exchange flows and discouraged foreign direct investment by putting reams of red tape around even the simplest projects.

In a statement, 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.