Beijing – FATF Gives Pakistan More Time. 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.
According to details, 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.
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
“It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan,” he added. Meanwhile, the FATF formally announced its decision regarding Pakistan as the plenary concluded in Paris. FATF Gives Pakistan More Time.
Meanwhile, the FATF members have called Pakistan for more steps towards the plan. Government has made effective legislation to exit the grey list. The FATF has said Pakistan must ensure implementation of money laundering laws. Pakistan came on the grey list in June 2018.
Earlier, Minister for Foreign Affairs Shah Mahmood Qureshi said Pakistan had successfully fulfilled the requirements and guidelines of FATF. He said that the present government took sweeping steps to check terror financing and money laundering with effective legislation.
The Pakistani delegation is being led by Federal Minister for Economic Affairs Hammad Azhar. He is 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.