Afghanistan removed from international banking gray list

KABUL (TCA) — Afghanistan has been removed from the gray list of the Financial Action Task Force after meeting its commitments to crackdown on banking crimes, Afghanistan’s TOLOnews agency reported.

The Central Bank of Afghanistan on June 24 said that after five years Afghanistan has finally been removed from the gray list of countries with questionable banking systems, by the Financial Action Task Force (FATF).

Officials at the Central Bank said Afghanistan has fulfilled all FATF conditions in order for it to be removed from the list.

This means that Afghanistan’s financial system will gain credibility around the world and all banks in the country will in the future be able to deal with international banks in other countries, officials at the Central Bank said.

Countries on the gray list are faced with serious limitations in money dealings.

In 2014, Afghanistan was on the verge of being blacklisted by the FATF – alongside North Korea and Iran.

At the time, FATF threatened to move Afghanistan to the blacklist if it did not criminalize money laundering, establish a system to trace terrorist money, and track the cash flowing back and forth across the country’s porous borders.

FATF is an inter-governmental body that sets standards for financial-crimes law.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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