India on Sunday congratulated China on being elected as the Vice President of Financial Action Task Force (FATF) and expressed hope that it would uphold and support the objective and standards of the task force in an impartial way. The FATF is a 37-nation member and works as a global watchdog on money laundering and terror financing.
In a tweet, Ministry of External Ministry Spokesperson Raveesh Kumar said, ‘Congratulations to China on its election as Vice President of Financial Action Task Force at the FATF plenary meeting on February 23, 2018. We remain hopeful that China would uphold and support the objectives and standards of FATF in a balanced, objective, impartial and holistic way.’
On February 23, Pakistan found itself on the watchlist of the global terror financing watchdog after a dramatic volte face by two of its three principal backers. After the United States negotiated with China and got Saudi Arabia to lean on the Gulf Cooperation Council (GCC) on Thursday, only Turkey was left standing with Pakistan as the plenary meeting of the Financial Action Task Force (FATF) ended in Paris.
Being on the FATF’s watchlist means Pakistan can be placed in either the ‘black list’ or the ‘grey list’ of countries with strategic deficiencies, posing a risk to the international financial system.
The FATF is an intergovernmental organisation, founded at the initiative of the Group of seven, to establish standards for the effective implementation of legal, regulatory and operational measures to combat threats such as money laundering and terror financing.