The Chinese foreign ministry on Friday said a majority of Financial Action Task Force (FATF) members recognised Pakistan's efforts in improving its counter-terrorism financing (CTF) regime and will continue offering assistance in this regard.
The foreign ministry spokesperson said, "Pakistan has made enormous efforts in improving its CTF 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."
Pakistan has made enormous efforts in improving its CTF 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. @FATFNews
— Spokesperson发言人办公室 (@MFA_China) February 21, 2020
FATF, also known by its French name Groupe d’action financiere, is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
FATF gives Pakistan time until October to exit ‘grey list’: sources
The FATF plenary pored over a report submitted by Pakistan detailing progress on the implementation of the 27-point Action Plan, according to sources in the finance ministry.
Noting compliance on 14 points, the global financial watchdog agreed to give Pakistan more time – until October 2020 – to fully comply with the remaining 13 points, the sources told Daily Express. Until then, Pakistan will remain on the “grey list”.
The sources said that the meeting has asked Pakistan to improve prosecution and conviction in terror-financing cases. It has also called for effective legislation to curb money laundering.
The decision might come as a huge disappointment for India which has been lobbying to get Pakistan “blacklisted” by FATF. Last year, Prime Minister Imran Khan said in an interview with Al Jazeera TV that India wanted to bankrupt Pakistan and push it into the FATF blacklist.
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