China urges world to recognise Pakistan’s efforts in counterterrorism financing after FATF meeting

BEIJING: China on Thursday called on the international community to recognise Pakistan’s political will and efforts in strengthening the country's counter-terrorism financing law.

“Pakistan has made great efforts to strengthen its domestic counter-terrorism financing system with visible progress. Its political will and active efforts should be recognised and encouraged by the international community,” said Chinese Foreign Ministry’s Spokesperson Geng Shuang. The spokesperson was commenting on the action plan report that Pakistan had recently submitted to the joint group of Financial Action Task Force (FATF) meeting held in Beijing.

A high-level Pakistani delegation, led by Minister for Economic Affairs Hammad Azhar, presented the country’s compliance report during the three-day talks with the global money-laundering watchdog, which commenced on January 21.

Also read: Pakistan delegation in Beijing for important FATF meeting

The spokesperson hoped that FATF would continue to offer constructive support and assistance to Pakistan in its continued efforts to improve the counter-terrorism financing laws.

“As FATF president and co-chair for Asia Pacific Joint Group, China will continue to uphold an objective, just and constructive attitude and participate in relevant discussions,” he added.

Geng stressed that the FATF was an important platform to fight money laundering and terror financing.

He said its aim and goal was to help countries improve their money laundering and terror financing law so the the international financial system is not abused.

It was reported on Thursday that FATF had expressed its satisfaction over Pakistan’s performance on the action plan given by the global watchdog.

Also read: FATF grey list: Pakistan despatches compliance report on money laundering

Official sources said that Pakistan would now focus on mustering up more diplomatic support of voting members of FATF’s plenary meeting. In order to avoid the blacklist, Pakistan requires the support of three countries. For coming out of grey and landing into the white list, Islamabad needs 12 votes out of a total of 39.

There is a possibility of a third scenario that Pakistan might continue into the grey list for another 3 to 6 month period. After getting the support of the US, the chances have emerged that Pakistan might be excluded from the grey list and placed into the safest white list.