China elected as Vice President of Financial Action Task Force
February 27th, 2018
China was elected as the Vice President of Financial Action Task Force (FATF), a global body mandated to combat terror financing and money laundering. China’s election came after the FATF plenary meeting in Paris. China’s election to the FATF assumes significance as Pakistan is set to be put in the FATF ‘grey list’ in June 2018. The grey lists puts countries under the scanner for not implementing the objectives of the task force. FATF was created in 1997 during G7 summit to counter the increasing problem of money laundering.