China elected as vice-president of Financial Action Task Force

China has been elected as the vice-president of the Financial Action Task Force (FATF) at the plenary meeting in Paris on February 23, 2018. In its plenary meeting, the FATF placed Pakistan under “grey list” to monitoring in its International Cooperation Review Group until June 2018 for compliance of Anti-Money Laundering and Combating Finance of Terrorism regulations. It gave Islamabad time till June 2018 to prepare an action plan against terror groups operating from Pakistan. The FATF was set up in 1989 with the primary goal of setting standards to combat money laundering, but in 2001 its mandate was expanded to include countering terror financing. It can take action such as financial restrictions against any country.