China praises Pakistan’s progress to strengthen counter-terror financing

ISLAMABAD: China said Thursday that Pakistan has made “visible progress” to strengthen its counter terrorism financing system, which should be encouraged by the world community.

Beijing hosted a key meeting of Paris-based international terror financing watchdog; Financial Action Task Force (FATF) Asia Pacific Joint Group this week to scrutinise Pakistan’s progress report to adopt stricter laws against terror financing and money laundering. China is the President of the FATF and co-chair for Asia Pacific Joint Group.

Asked how China viewed Pakistan’s progress, Chinese Foreign Ministry spokesman Geng Shuang praised Islamabad’s efforts.

“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,” he said while talking to media in Beijing.

“We hope the FATF will continue to offer constructive support and assistance to Pakistan in its continued efforts to improve the counter terrorism financing system and effectively fighting the terrorist financing,” he said.

“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 said.

The FATF in October last decided to keep Pakistan on its ‘Grey’ list. If not removed off the list by April, Pakistan may move to a blacklist of countries that face severe economic sanctions, such as Iran. Pakistan has submitted a 650-page review report to the FATF on January 8. The report was submitted in response to 150 questions raised by the FATF regarding new Pakistani policies on money laundering. The report outlined the steps taken by Pakistan between October 2019 to January 2020 to implement the group’s recommendations. The FATF meeting scrutinises whether Pakistan has complied with an earlier agenda presented to it.

“I want to stress that the FATF is an important international cooperation platform and to fight money laundering and terrorist financing its aim and goal is to help countries better fight money laundering and terrorist financing and prevent the international financial system from being abused,” Geng said.

The FATF is backed by the UN Security Council passed resolutions which made its recommendations binding and in case of deficiencies, sanctions could be imposed.