Pakistan moves closer to removal from 'grey list' after FATF says all items on action plan met.

The Financial Action Task Force (FATF) said on Friday that Pakistan had met all 34 items on two separate action plans, adding that the watchdog will now schedule an on-site visit to verify the implementation and sustainability of the country's money laundering and counter-terrorism financing measures before removing it from its increased monitoring list, also known as the grey list.

According to a statement by the global money laundering and terrorist financing watchdog, Pakistan has substantially completed all items on both its action plans, which showed that necessary political commitment was in place to sustain implementation and improvement in the future.

While announcing the watchdog's decision, FATF President Dr Marcus Pleyer acknowledged the reforms implemented by the country, saying "they are good for the stability and security of the country".

He, however, added that "Pakistan is not being removed from the grey list today. The country will be removed from the list if it successfully passes the on-site visit". Pleyer said Pakistan will have to ensure [during the visit] that it effectively tackled money laundering and funding of terrorist groups.

"Pakistan demonstrated that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups and that there is a positive upwards trend in the number of money laundering investigations and prosecutions being pursued in Pakistan, in line with Pakistan's risk profile," the watchdog's written statement said.

Pakistan also largely addressed its 2021 action plan ahead of the set times, it added.

Soon after the development, Minister of State for Foreign Affairs Hina Rabbani Khar congratulated the country, saying the international community had "unanimously" acknowledged the country's efforts.

"Our success is the result of four years of a challenging journey. Pakistan reaffirms resolve to continue the momentum and give our economy a boost," she said.

In a video message, Khar said "now our process of exiting the grey list as per the FATF procedure starts, according to which a technical evaluation team will be sent to Pakistan.

"It is our full effort that this team completes its work before October's plenary cycle and we have told them that we will ensure their comfort and ease," she said, adding that the process would come to an end in October.

Meanwhile, Chief of Army Staff General Qamar Javed Bajwa said the completion of the FATF's action...