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Pakistan

FATF gives Pakistan ‘more time’ to implement action plan, confirms China

'It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan,' 
Updated 22 Feb 2020
  • 'It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan,'  says Chinese Foreign Ministry spokesperson.
  • China maintains that the purpose and aim of the FATF is to support countries' efforts to strengthen institutions against money laundering and terror financing

The Chinese Foreign Ministry spokesperson informed on Friday that the Financial Action Task Force (FATF) has given Pakistan ‘more time’ to implement its FATF action plan.

“Pakistan has made enormous efforts in improving its counter-terror financing system, which has been recognized by the vast majority of FATF members at its latest plenary meeting concluded on February 20 in Paris,” said Foreign Ministry Spokesperson Geng Shuang's during the daily briefing on Friday.

“It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan,” he added.

The Chinese spokesperson further briefed that, China maintains that the purpose and aim of the FATF is to support countries' efforts to strengthen institutions against money laundering and terror financing and safeguard the international financing system. “We stand ready to work with relevant parties to offer more assistance to Pakistan in this area,” he said.

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

Earlier, it was learnt that 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.

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.