How India convinced China to vote against Pakistan in FATF

08:25 PM | 23 Feb, 2018
How India convinced China to vote against Pakistan in FATF
ISLAMABAD - The Financial Action Task Force (FATF) on Friday decided to put Pakistan on the greylist, submitting it to intense scrutiny on terror financing.

China withdrew its objection to the nomination, allowing consensus to go through, sources said.

Earlier this week, Pakistan had claimed victory in the ongoing FATF meeting as a preliminary discussion in the International Co-operation Review Group (ICRG) failed to build a consensus on putting it again on the watch list.

However, US and Indian officials had called the claim “premature” and said a final decision was still to come.

On Wednesday morning, Pakistan Foreign Minister Khawaja M. Asif, who was in Moscow at the time, tweeted that Pakistan had won a reprieve of three months in which to convince the international body not to put it on a “greylist” of countries where terror financing and black money laundering needed scrutiny.

Pakistan was on the FATF watch list from 2012 to 2015, then only on issues of money laundering.

“Our efforts paid[off],”. Asif wrote, adding that the committee had proposed a three-month pause with another report to be considered in June.

This is the first time that China acceded to an Indian prompt and did not stand firm with Pakistan at a global anti-terror forum, thus landing a crippling blow on Pakistan’s financial credentials. The process of monitoring Islamabad will, however, begin from June on the basis of a roadmap that FATF will prepare by then.

In the United Nations, China, as a permanent UN Security Council member, has single-handedly blocked key terror designations like that of JeM’s Maulana Masood Azhar, despite Indian and US requests.

Ironically, it was the statement of Pakistani Foreign Minister Khwaja Asif, announcing that Pakistan had managed another reprieve from FATF, which provided the opening for a second bid by the US to get Pakistan on to the watchlist.

Asif, it appears, celebrated early when the proposal did not move through the shorter plenary of the FATF. Here, China, Turkey, and the Saudi-Arabia-led Gulf Cooperation Council as a single bloc voted against the move to put Pakistan on FATF’s terror watchlist.

After Asif’s statement, India and the US launched a renewed effort. Washington, sources told the international media, introduced a fresh proposal in the longer plenary using Asif’s statement as an example of Pakistan’s lack of seriousness towards FATF and its rules of confidentiality.

FATF rules state that if a minimum of three members' votes against the proposal, then it cannot go through. While the US worked on Saudi Arabia and Turkey, India dealt with China alone.

Hectic diplomacy went on in New Delhi, Washington and Beijing as FATF considered the proposal in Paris.

Eventually, the Indian delegation, acting on instructions from New Delhi, struck a deal with the Chinese team that related to support for a greater FATF role for Beijing in the future.

Soon, all the three objections were removed and the proposal went through Thursday, though a final statement will emerge after the last day of the meeting Friday.

Consequences of the decision:

Through this decision, Pakistan will be put on regular monitoring, all banking transactions in the country will come under closer global watch, thus pulling down Pakistan’s credibility in global financial transactions.

In technical terms, Pakistan has been put in a review process under the International Cooperation Review Group of the FATF. It had been under review earlier but was removed in 2015.

Specifically, on the FATF table, the proof is against JeM front Falah-i-Insaaniyat and LeT and its front Jamaat-ud-Dawa, which are evidently transacting financial business without much difficulty.

The FATF follows an elaborate process to assess compliance, based on which it issues public statements on countries with deficiencies. Countries on this grey list are practically treated like pariahs in the international financial system. North Korea, Iran and Uganda are examples of some ‘jurisdictions’ that keep struggling within this list.

The economic and commercial consequences of such grey-listing can be quite debilitating.

Previous attempt was blocked:

In November, at the Buenos Aires plenary of the FATF, China managed to push back a similar effort, getting Pakistan off the hook.

All that Pakistan was asked to do was give an action taken the report on LeT, JuD and Falah-i-Insaniyat foundation at the next plenary, which is held three times a year.

The Asia Pacific Group (APG) conveyed to the FATF that Pakistan could be given a break and assessed directly in 2019, when its turn comes up for country evaluation.

India objected, saying Islamabad has done little to get a two-year reprieve and that it should be put on 90-day reporting to the International Cooperation Review Group of the FATF. While India did not get the desired result in Buenos Aires, it managed China’s support in Paris.

Pakistan faced a similar risk in 2016 when the APG had found measures taken by Islamabad inadequate. One of the first actions that the Trump administration took in January 2017 was to summon the Pakistani ambassador and inform him of the consequences this could lead to.

This action resulted in the Pakistani government placing Hafiz Muhammad Saeed under house arrest. The FATF plenary in February 2017 took note, but asked Pakistan to submit another report to the APG. Pakistan protested and then rallied support with the active help of China to get a positive outcome within the APG.


Pakistani rupee sees marginal decline against US Dollar, Euro, Dirham, & Riyal; check forex rates

Pakistani rupee witnessed marginal losses against US dollar, and other currencies in the open market.

Dollar Rate in Pakistan Today

On Wednesday, the dollar was being quoted at 285.6 for selling and 288.65 for buying purposes.

Euro price stands at 312 for buying and 315 for selling. British Pound rate stands at 360 for buying, and 363 for selling.

UAE Dirham AED stands at 78.25 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.

Today's currency exchange rates in Pakistan - 29 November 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.6  288.65 
Euro EUR 312  315 
UK Pound Sterling GBP 360  363
U.A.E Dirham AED 78.25  79
Saudi Riyal SAR 76.25 77.25
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 750.11 758.11
Canadian Dollar CAD 209 211
China Yuan CNY 39.58 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.24 36.59
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.55 1.63
Kuwaiti Dinar KWD 914.36 923.36
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 320.1 322.6
Thai Bhat THB 8.01 8.16

Gold rates see big increase in Pakistan; Check today gold price here

KARACHI – The gold price moved up down in the local market in line with massive increase in international market.

Gold Rates in Pakistan Today - 29 November 2023

On Wednesday, the single tola of 24 Karat gold was available at Rs218,000, and the price for 10-gram gold saw an increase of Rs943 to reach Rs186,900.

Meanwhile, the 22 Karat Gold price stands at Rs199,830, 21 karat rate for each tola is Rs190,750 and 18k gold rate hoveres around Rs163,500.00.

In international market, the price of precious metal went up by $29 to settle at $2,044 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,000 PKR 2,610
Karachi PKR 218,000 PKR 2,610
Islamabad PKR 218,000 PKR 2,610
Peshawar PKR 218,000 PKR 2,610
Quetta PKR 218,000 PKR 2,610
Sialkot PKR 218,000 PKR 2,610
Attock PKR 218,000 PKR 2,610
Gujranwala PKR 218,000 PKR 2,610
Jehlum PKR 218,000 PKR 2,610
Multan PKR 218,000 PKR 2,610
Bahawalpur PKR 218,000 PKR 2,610
Gujrat PKR 218,000 PKR 2,610
Nawabshah PKR 218,000 PKR 2,610
Chakwal PKR 218,000 PKR 2,610
Hyderabad PKR 218,000 PKR 2,610
Nowshehra PKR 218,000 PKR 2,610
Sargodha PKR 218,000 PKR 2,610
Faisalabad PKR 218,000 PKR 2,610
Mirpur PKR 218,000 PKR 2,610


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