Monday, August 2, 2021

UK adds Pakistan to its list of undesirable 21 high-risk countries

The United Kingdom has added Pakistan to its list of undesirable 21 high-risk countries over money laundering and terror financing charges.

According to the UK government, the nations in this category pose a threat because of the weak tax controls and lack of check and balance on terrorism financing and money laundering.

It is in the ‘Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017’ which came into effect on March 26.

Pakistan condemned the move while its Foreign Office spokesperson Zahid Hafeez Chaudhri said that this is not based on facts and is politically motivated and this move could impact Pakistan’s chances of getting off the FATF’s grey list.

The country has been on the financial watch dog’s grey list since June 2018, which has also impacted its economy.

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