PARIS: The Financial Action Task Force (FATF) on Friday decided to keepPakistan on the greylist for another four months till June 2020.
FATF authorities will review Pakistan’s implementation on the anti-moneylaundering watchdog’s recommendations during its next plenary meeting inJune 2020.
At the conclusion of its plenary meeting, the FATF stated Pakistan’sprogress or implementation on its recommendations as ‘satisfactory’. Itsaid that Pakistan had implemented additional nine recommendations putforward by the task force.
The anti-money laundering watchdog said that after the conclusion of itsplenary meeting, the FATF members had decided to keep Pakistan on the greylist. It said that Pakistan had assured the body that it will implement therecommendations of the FATF and had also prepared a strategy to do so. Itsaid that Pakistan was implementing its strategy as well.
Earlier, a Chinese official on Monday revealed that the Financial ActionTask Force (FATF) had, after its latest plenary meeting, decided to allowPakistan more time to continue implementing the action plan prescribed bythe watchdog.
Chinese Foreign Ministry spokesperson Geng Shuang made the revelation at apress briefing on Friday after he was asked whether China’s position onPakistan in the matter had changed.
“Pakistan has made enormous efforts in improving its counter-terrorfinancing system, which has been recognized by the vast majority of FATFmembers at its latest plenary meeting concluded on February 20 in Paris,”Geng stated in response to a question.
“It was decided at the meeting that Pakistan will be allowed more time tocontinue implementing its action plan.”
The spokesperson was responding to a question about reports from Indianpublications that had claimed that Beijing will be joining India and othercountries in ‘sending a strong message to Pakistan’ and urging it to’fulfil the commitment to fight terror financing and money laundering’.
“China’s position on the relevant issue remains unchanged,” said Gengunequivocally, adding that Pakistan has made enormous efforts in clampingdown on terror financing networks.
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He added that Pakistan’s efforts have also been “recognised by the vastmajority of FATF members at its latest plenary meeting”.
The spokesperson reiterated that China maintains that the purpose and aimof the watchdog was to support countries’ efforts to strengtheninstitutions against money laundering and terror financing and safeguardthe international financing system.
“We stand ready to work with relevant parties to offer more assistance toPakistan in this area,” stated the spokesperson.
The FATF will reveal its official decision today regarding whether Pakistanwill exit from the grey list or not.
The Paris-based global anti-money laundering watchdog will be concluding afive-day meeting to review progress made by Pakistan in the implementationof its 27-point action plan.
More than 200 delegates were present at the session in Paris, which enteredits fifth day today.
Also read: FATF plenary meeting: Pakistan likely to avoid blacklist
Pakistan had been placed on the grey list in June 2018 and was given a planof action to complete by October 2019 or face the risk of being placed onthe watchdog’s blacklist, along with Iran and North Korea. – APP / AFP
