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India hopes Chi upholds global fincial watchdog's objectives

India hopes Chi upholds global fincial watchdogs objectives

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  26 Feb 2018 12:00 AM GMT

New Delhi, Feb 25: India on Sunday congratulated Chi for being elected Vice President of the Fincial Action Task Force (FATF), an inter-governmental body to combat money laundering and terror fincing among other fincial crimes, expressing the hope that it will uphold its objectives. “Congratulations to Chi on its election as Vice President of Fincial Action Task Force at the FATF plery meetintg on February 23,” Exterl Affairs Ministry spokesperson Raveesh Kumar tweeted. “We remain hopeful that Chi would uphold and support the objectives and standards of FATF in a balanced, objective, impartial and holistic way,” he said.

Chi’s election to the FATF assumes significance as Pakistan is set to be put in the watchdog’s grey list, which puts countries under the scanner for not implementing the body’s objectives, in June this year. In what can be seen as a significant diplomatic victory for India, Chi stood down against voting for “all weather friend” Pakistan not to be put in the FATF’s grey list which mes countries for not implementing the body’s objectives. Three votes from the FATF’s 37 members are needed for a country not to be put in the grey list.

Chi, Turkey and Saudi Arabia, leading the six-tion Gulf Cooperation Council (GCC) that votes as one bloc, were against Pakistan being put in the grey list. However, the US maged to prevail upon Saudi Arabia not to stop Pakistan being put in the grey list while New Delhi reportedly worked out a deal with Beijing, assuring Chi a larger role in the FATF. Pakistan worked hard to get out of the grey list in the FATF plery session in Paris on February 22-23.

Eventually, though it was not included in the nine tions med for the grey list, the FATF decided that Pakistan, accused of providing safe havens for terrorists, will be put in the grey list in June. The FATF plery sessions are held in February, June and October every year.

Pakistan, which was previously on the grey list from 2012 to 2015, on Saturday slammed the decision as “politically motivated” that may affect its future cooperation.

Meanwhile, India and Chi, during Indian Foreign Secretary Vijay Gokhale’s visit to Beijing on February 23-24, agreed that “sound development of relations” between them will help in bringing stability to today’s world.(IANS)

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