UK adds Pakistan to 21 high-risk states list

As per details, this list of 21 countries is released by the British Government and the list of countries named by the Financial Action Task Force (FATF) under increased monitoring.

According to the UK government, the countries in this category pose a threat because of weak tax controls and lack of check and balance on terrorism-financing and money-laundering and the British government stated that these issues are a threat because of weak tax controls.

Money Laundering and Terrorist Financing (Amendment) Regulations 2021 has come into force in Britain in March 2021.

Pakistan is placed at 15th number in the list of 21 high-risk countries.

The nations in list of 21 high-risk third countries are elaborated under Schedule 3ZA. This schedule specifies the day by which tax has to be paid following the amendment or correction of a self-assessment.

The list includes Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea, Ghana, Iran, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen and Zimbabwe.