China can bail Pakistan out of the Anti-Terror Blacklist

Written By Siva Sai Teja | Updated: August 09, 2019 17:32 IST
China can bail Pakistan out of the Anti-Terror Blacklist

China Can Bail Pakistan Out of the Anti-Terro Blacklist
Pakistan looks to China and two other developing countries to help avoid hard financial sanctions. It runs out of time to fulfil worldwide norms of anti-money laundering and counter-terrorism funding, according to individuals who are acquainted with the issue.
The people said the Islamabad government expects it will not meet enough of the 27 action items set by the Financial Action Task Force based in Paris before a final evaluation in October.
Pakistan has been on the "grey" monitoring list of the FATF since last year, following a campaign by the US and European nations to get the country to do more to fight militancy and close loopholes in the financing of terrorist groups.
Pakistan was asked to comply with a list of 27 measures to prevent joining Iran and North Korea on the blacklist, including identifying and monitoring terrorist financing hazards and boosting controls on illicit currency motion.
Having held Pakistan-based groups accountable for terrorist attacks in Mumbai in 2008, India pressed for such a move. Relations worsened further this week as India moved to revoke Kashmir's autonomy, where India accuses Pakistan of helping terrorists.
The individuals said that Pakistan partly complies with approximately half of the objectives and thinks it has made progress towards the FATF objectives. But that may not be enough to pass the October evaluation, which is when the present program expires.
China, already a powerful supporter of Pakistan and a significant infrastructure financing provider, said it would block any suggestion to impose penalties. And a Chinese representative, Xiangmin Liu, began a one-year term as president of the FATF in July, improving his organizational impact.