KARACHI: In the ongoing battle against financial crimes, Pakistan has been facing a new challenge of trade-based money laundering, which requires the South Asian nation to uphold the Financial Action Task Force (FATF) compliance after removal from its gray list, according to CEO of a global financial solutions provider.
FATF, a global money laundering and financing watchdog, removed Pakistan from its list of countries under “increased monitoring” in October last year. The South Asian nation had been on the “grey list” since 2018 because of its “strategic counter-terrorist financing-related deficiencies”.
“FATF requirements are something to be revisited all the time because there is a continuous evaluation in 2025 again, the FATF will come and they have to assess if the banking industry, governance and policies [are] compliant or procedures are adhered to, and if the country is meeting everything that is related to combating financial terrorism,” Hazem Mulhim,…