Paris: The Financial Action Task Force (FATF) has decided to keep Pakistan on the gray list by June this year, According to the FATF statement, the Financial Action Task Force reviewed the implementation of the Action Plan by Pakistan; Pakistan has made considerable progress on the implementation of the FATF Action Plan and has implemented nine additional recommendations, The statement was issued after the review, the members decided to keep Pakistan on the grey list by June and the implementation of the recommendations will be reviewed by Pakistan in June this year.
The FATF said that the strategy is being implemented by Pakistan and acknowledges a high level political commitment to implement the recommendations while Pakistan has promised to implement the remaining recommendations. Strategy has also been created For implementation of the recommendations, Pakistan thanked China and other countries for their support in the Financial Action Task Force.
According to the Finance Ministry, the friendly countries provided the right guidance for the implementation of the FATF recommendations and Pakistan is committed to implement the recommendations, Chinese Foreign Ministry spokesman Gang Shuang confirmed that the FATF meeting acknowledged that Pakistan had made significant improvements to its system to curb terrorist funding, He further said that in view of these measures, the FATF member states have decided that Pakistan will be given more time to implement its action plan in order to prevent financing of terrorists.
During a press briefing When asked about the FATF meeting on Friday, Foreign Ministry spokesman said, “Pakistan has made significant improvements to its system to curb financing of terrorists,” which was acknowledged on February 20. The majority of the participants attended the FATF meeting, which concluded on Saturday, He added “It was decided in the meeting that Pakistan would be given more time to implement its action plan,
The Chinese Foreign Ministry spokesman denied the Indian media reports, saying that China’s position in the matter has not changed. He said that Pakistan has made many efforts to eliminate terror financing and this was acknowledged at the recent FATF meeting, The spokesman said, The FATF aims to assist countries in stopping money laundering and terrorist financing, and to help strengthen their state institutions. We are ready to work with the concerned parties to provide further support to Pakistan in this matter.
It should recalled that Pakistan was placed on the FATF grey list in June 2018 and was given a plan of action to avoid being blacklisted, which Pakistan had to complete by October 2019, North Korea and Iran are already on the FATF blacklist, It is to be noted that the FATF meeting in the Paris continued for five days, attended by more than 200 delegates.
The members of the Financial Action Task Force are 37, including the US, UK, China, India and Turkey, 25 countries, the Gulf Cooperation Council and the European Commission.
The organization’s primary responsibilities are to take steps to prevent global money laundering and terrorist financing, The inclusion of Pakistan’s name in the global watch list will undergo rigorous oversight of global aid, loans and investments, which will affect foreign investment and adversely affect the country’s economy, It should be noted that from 2012 to 2015, Pakistan was also on the FATF Watch List.
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28 March, 2020