China Backs Pakistan After Terror Funding Watchdog Retains It In Grey List

[beijingwalker]

China Backs Pakistan After Terror Funding Watchdog Retains It In Grey List
China's Foreign Ministry spokesman Geng Shuang told an online media briefing in Beijing that the Financial Action Task Force meeting has decided to give Pakistan more time to implement its action plan on money laundering and terrorist financing.
WorldPress Trust of IndiaUpdated: February 21, 2020 09:39 pm IS

China said FATF has given Pakistan more time to implement its action plan on counter terror activities.

Beijing:

China on Friday played down reports that it backed India and other countries against Pakistan at the just concluded FATF meet in Paris that retained the country in the Grey List.

China's Foreign Ministry spokesman Geng Shuang told an online media briefing in Beijing that the Financial Action Task Force meeting has decided to give Pakistan more time to implement its action plan on money laundering and terrorist financing.

"China's position on the relevant issue remains unchanged. Pakistan has made enormous efforts in improving its counter-terror financing system, which has been recognised by the vast majority of the FATF members at its latest plenary meeting concluded on February 20 in Paris," he said.

"It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan," Geng said, a day after Pakistan Prime Minister Imran Khan spoke to Chinese President Xi Jinping.


China said it stands ready to work with relevant parties to offer more assistance to Pakistan in its efforts against terrorism.

"China maintains that the purpose and aim of the FATF is to support countries' efforts to strengthen institutions against money laundering and terror financing and safeguard international financing system," the spokesman said.

The Paris-based FATF, which supervises effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, during the meeting decided continuation of Pakistan in the "Grey List", sources said.
https://www.ndtv.com/world-news/china-backs-pak-after-fatf-retains-it-in-grey-list-2183869

 

[Indus Pakistan]

China Backs Pakistan After Terror Funding Watchdog Retains It In Grey List
China's Foreign Ministry spokesman Geng Shuang told an online media briefing in Beijing that the Financial Action Task Force meeting has decided to give Pakistan more time to implement its action plan on money laundering and terrorist financing.
WorldPress Trust of IndiaUpdated: February 21, 2020 09:39 pm IS

China said FATF has given Pakistan more time to implement its action plan on counter terror activities.

Beijing:

China on Friday played down reports that it backed India and other countries against Pakistan at the just concluded FATF meet in Paris that retained the country in the Grey List.

China's Foreign Ministry spokesman Geng Shuang told an online media briefing in Beijing that the Financial Action Task Force meeting has decided to give Pakistan more time to implement its action plan on money laundering and terrorist financing.

"China's position on the relevant issue remains unchanged. Pakistan has made enormous efforts in improving its counter-terror financing system, which has been recognised by the vast majority of the FATF members at its latest plenary meeting concluded on February 20 in Paris," he said.

"It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan," Geng said, a day after Pakistan Prime Minister Imran Khan spoke to Chinese President Xi Jinping.


China said it stands ready to work with relevant parties to offer more assistance to Pakistan in its efforts against terrorism.

"China maintains that the purpose and aim of the FATF is to support countries' efforts to strengthen institutions against money laundering and terror financing and safeguard international financing system," the spokesman said.

The Paris-based FATF, which supervises effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, during the meeting decided continuation of Pakistan in the "Grey List", sources said.
https://www.ndtv.com/world-news/china-backs-pak-after-fatf-retains-it-in-grey-list-2183869

Thanks to our Muslim brother countries - Saudia Arabia, UAE, Bahrain Pakistan is saved. One day the kuffar will repent for what they are trying to do to Muslims.

 

[Salman876]

Thanks to our Muslim brother countries - Saudia Arabia, UAE, Bahrain Pakistan is saved. One day the kuffar will repent for what they are trying to do to Muslims.

Islamic republic of China saved us again

 

[That Guy]

Thanks to our Muslim brother countries - Saudia Arabia, UAE, Bahrain Pakistan is saved. One day the kuffar will repent for what they are trying to do to Muslims.

I was not aware they voted in favor of Pakiatan.

I was also not aware that the UAE and Bahrain were independent members of the FATF.

In fact, I'm pretty sure it's because of China, Malaysia, and Turkey that Pakistan isn't in danger of going on the blacklist.

 

[beijingwalker]

February 21, 2020 19:33
Iran Enters FATF Blacklist

Financial Action Task Force, the global anti-money laundering watchdog on Friday put Iran on its blacklist after Tehran failed to comply with international anti-terrorism funding norms.

This came after Iran failed to meet the deadline set the by the watchdog at FATF’s last meeting in October to fully comply with FATF standards. FATF had then given Iran a final deadline to comply with international norms after which “it would urge all its members to apply countermeasures”.

“The FATF fully lifts the suspension of counter-measures and calls on its members and urges all jurisdictions to apply effective counter-measures,” the watchdog said in a statement published on its website Friday.

Reacting to the global watchdog decision, Abdolnasser Hemmati, the Central Bank of Iran’s Governor, discounted the FATF move, saying “it won’t pose any obstacle to Iran’s foreign trade and stability in currency rates”.

According to FATF, Iran will remain on the FATF statement on [High Risk Jurisdictions Subject to a Call for Action] until the full Action Plan has been completed. If Iran ratifies the Palermo and Terrorist Financing Conventions, in line with the FATF standards, the FATF will decide on the next steps, including whether to suspend countermeasures.

“Until Iran implements the measures required to address the deficiencies identified with respect to countering terrorism-financing in the Action Plan, the FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system”.

The FATF said in the statement that it has recognized the progress of Iran’s legislative efforts to implement anti-money laundering and countering financing terrorism polices.

Progress in 2016

In June 2016, the FATF welcomed Iran’s high-level political commitment to address its strategic AML/CFT deficiencies, and its decision to seek technical assistance in the implementation of the Action Plan.

Since 2016, Iran established a cash declaration regime, enacted amendments to its Counter-Terrorist Financing Act and its Anti-Money Laundering Act, and adopted an AML by-law.

In February 2020, the FATF noted that there are still items not completed and Iran should fully address, including “ratifying and implementing the Palermo and TF Conventions and clarifying the capability to provide mutual legal assistance”, “ensuring an adequate and enforceable customer due diligence regime”, ”demonstrating how authorities are identifying and sanctioning unlicensed money/value transfer service providers” and “ensuring that financial institutions verify that wire transfers contain complete originator and beneficiary information”.

The watchdog has allowed member countries to apply appropriate countermeasures when called upon to do so by the FATF. “Countries should also be able to apply countermeasures independently of any call by the FATF to do so. Such countermeasures should be effective and proportionate to the risks”.

https://financialtribune.com/articles/business-and-markets/102273/iran-enters-fatf-blacklist

 

[Haris Ali2140]

I was not aware they voted in favor of Pakiatan.

I was also not aware that the UAE and Bahrain were independent members of the FATF.

In fact, I'm pretty sure it's because of China, Malaysia, and Turkey that Pakistan isn't in danger of going on the blacklist.

Sarcasm.

 

[American Pakistani]

That propaganda news was by Bharti propaganda machine.

 

[beijingwalker]

All Countries Except 3 Terrorist Regimes in Favor of FATF’s Extension of Deadline for Iran: Zarif
February 21, 2020

Foreign Minister Mohammad Javad Zarif said that all the countries except three terrorist regimes are in favor of FATF’s extension of the deadline.

“Almost the vast majority of the speakers who spoke during the meetings of Financial Action Task Force (FATF) in the past few days were in favor of extension of deadline for Iran,” said Foreign Minister Zarif, adding, “But three countries of United States, Saudi Arabia and Israel regime which support terrorism, are against the extension of the deadline.”

“We have to see what will happen today,” he said.

The Paris-based Financial Action Task Force (FATF), a global anti-money laundering body, has given Iran a final deadline of February 2020 to implement a set of four bills to meet the standards set by the watchdog.

Last October, Iran’s Parliament passed the four bills, but only two of them have so far gone into effect.

The Expediency Council is in charge of deciding the fate of the two other bills, namely one on Iran’s accession to the United Nations Convention against Transnational Organized Crime, commonly known in Iran as ‘Palermo’, and the other one a bill amending Iran’s Combating the Financing of Terrorism (CFT) law.

Those against the endorsement of the FATF-related bills say the move would impose further restrictions on Iran’s economic relations while the country is under US severe sanctions.

Meanwhile, The Wall Street Journal claimed on Thursday that the Task Force will blacklist Iran in Friday’s session of the body.

https://www.english.almanar.com.lb/946057

China should really help Iran, Iran always helps China in time of need.

 

[Longhorn]

Islamic republic of China saved us again

Winner.

 

[crankthatskunk]

it is in the interest of Pakistan to implement the recommendations, forget about White, Grey and Black lists.
Tighten your belts, stop the criminals to use the loopholes.
In the longer run good for Pakistan. Stop the illegal outflow of the finance from Pakistan.
It would increase domestic finance to be used for industrial units. Creating jobs. Reducing the imports and creating opportunities for export.

The best thing is that it would stop criminal politicians to use these loopholes to send money out of the country and create mayhem in Pakistan.

 

[Longhorn]

it is in the interest of Pakistan to implement the recommendations, forget about White, Grey and Black lists.
Tighten your belts, stop the criminals to use the loopholes.
In the longer run good for Pakistan. Stop the illegal outflow of the finance from Pakistan.
It would increase domestic finance to be used for industrial units. Creating jobs. Reducing the imports and creating opportunities for export.

The best thing is that it would stop criminal politicians to use these loopholes to send money out of the country and create mayhem in Pakistan.

I don't get why the Pakistani government seems to be dragging it's feet over this.
It fits right into the government's anti corruption drive and narrative.

 

[Mugen]

Thank you once again China!

 

[That Guy]

Sarcasm.

Was it? It's hard to tell now a days, when I constantly run into people who don't know what they're talking about. Had a guy not to long ago claim that Karl Marx was a capitalist.

Anyway, thanks for the heads up.

 

[Foxtrot Delta]

 

[bafxet]

Damn they are not letting Pakistan off the hook.