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Pakistan

Pakistan's ‘enormous efforts’ recognized by FATF majority, says China

China & other countries will continue offering assistance to Pakistan, says the Chinese foreign ministry.
21 Feb 2020
  • China & other countries will continue offering assistance to Pakistan, says the Chinese foreign ministry.
  • The FATF would formally announced its decision regarding keeping Pakistan on grey list or not today (Friday), as the plenary concludes in Paris.

The Foreign Ministry of China on Friday has said that Pakistan efforts to curb money laundering and terror financing has been ‘recognized’ by the majority of Financial Action Task Force (FATF) members.

“Pakistan has made enormous efforts in improving its CTF (Counter Terrorism Finance) regime, which has been recognized by the majority of FATF members at the latest plenary meeting in Paris. China & other countries will continue offering assistance to Pakistan in this area,” tweeted the Chinese ministry.

The FATF would formally announced its decision regarding keeping Pakistan on grey list or not today (Friday), as the plenary concludes in Paris.

Pakistan is likely to be given further time till October to achieve full compliance with the FATF 27-point action plan and exit from the grey list.

As per reports, Indian attempts to blacklist India foiled after no country supported India's attempt to blacklist Pakistan. It was learnt that Indian demand for members countries to blacklist Pakistan, which was rejected.

The FATF members praised Pakistan for taking effective steps, countering money laundering, and terror financing. The FATF expressed satisfaction with Pakistan's performance report. As per reports, Pakistan has fully implemented 14 out of 27 points of FATF recommendations.

Meanwhile, the FATF members have called for more steps to be taken to get Pakistan out off the grey list. Pakistan has made effective legislation to exit the grey list, it was learnt. Meanwhile, the FATF has said Pakistan must ensure implementation of money laundering laws.

The Pakistani delegation is being led by Federal Minister for Economic Affairs Hammad Azhar, who is also accompanied by officials of the Ministry of Finance, the State Bank, and Federal Board of Revenue (FBR).

More than 800 representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organisations are participating in these meetings.