The Central Bank of Afghanistan said Saturday 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 FATA conditions in order for it to be removed from the list.
This means, Afghanistan’s financial system will gain credibility around the world and all banks in the country will in future be able to deal with international banks in other countries, officials at the 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.