FATF: World community should recognize Pakistan's efforts, China

FATF: World community should recognize Pakistan's efforts, China

BEIJING: Expressing satisfaction over Pakistan's significant progress in strengthening its counter-terrorism financing system, China has said that Islamabad's political commitment and vibrant efforts should be acknowledged by the international community rather than encouraged. There should also be an encouragement.

According to the report, Chinese Foreign Ministry Spokeswoman Gang Shuang made this comment on Pakistan's National Action Plan Report, which was considered at a meeting of the Joint Group Financial Action Task Force (FATF) in the Chinese capital.

The high-level delegation, headed by Minister for Economic Affairs Hamad Azhar, presented the country's implementation report at a 3-day meeting of the World Money Laundering Watchdog, which began on January 21.

Chinese Foreign Ministry spokesman said that Pakistan has made great efforts to strengthen its domestic counter-terrorism system with clear progress.

He expressed hope that FATF's constructive support for Pakistan's ongoing efforts to effectively tackle terrorist financing and further improve the anti-financial terrorism system will be supported.

The Chinese Foreign Ministry also said that as President of China FATF and Co-Chairman of Asia Pacific Joint Group, China will maintain a meaningful, constructive and fair attitude and participate in relevant discussions.

Gang Shuang also said that FATF is an important global co-operation platform for fighting money laundering and terror financing.

The purpose and commitment of this platform are to help countries fight money laundering and terrorist financing to prevent the international financial system from being exploited, he said.

It is to be noted that the delegation of the participating Pakistani delegation included representatives of National Counter Terrorism Authority (NECTA), Foreign Ministry, State Bank of Pakistan, Customs, Ministry of Interior and Financial Monitoring Unit.

Remember that at the end of the FATF meeting in Paris in October last year, Task Force President Sheng Min Lu announced that Pakistan would be on the grey list for another four months.

According to the FATF statement, "Islamabad was directed to take further steps to eliminate money laundering and terrorist financing".

At the FATF meeting in Paris, it was decided that Pakistan's actions would be reviewed again in February 2020.

It was also told that the FATF would take action if it did not make a full, effective and significant step forward in its action until the next meeting.

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