Global watchdog FATF puts Pakistan on notice
, ET Bureau|
Nov 05, 2017, 11.30 PM IST
The Financial Action Task Force (FATF), the global antimoney laundering watchdog, in its just concluded meet at Beunos Aires has put Pakistan on notice for terror financing.
FATF has sought from Pakistan, notwithstanding opposition from China, a compliance report by February 2018 on action taken against terror groups such as LeT and JuD.
The decision was taken on Thursday at the Buenos Aires plenary of the FATF, where India raised the issue of Pakistan’s support for terror group at the International Cooperation Review Group (ICRG) meet, according to officials here. Terror financing was a key theme at the FATF meet in the Argentine capital.
The move comes as a shot in the arm for the government after China last week yet again blocked a move at UN Security Council to ban Jaish chief Masood Azhar. The issue of continued support for Pakistan’s terror infrastructure could be raised by PM Modi during his likely meeting with his Chinese counterpart Li Keqiang in Manila on the sidelines of East Asia Summit between November 13 and 14.
Importantly, China was isolated at the FATF meet as all other 36 members, including the US, Russia, France & the UK (four other members of UN Security Council), supported India, officials said.
Earlier this year, FATF at its meeting in Spain had slammed Pakistan for continued complicity in financing terrorist entities.
FATF has asked Pakistan to do more to freeze assets of terror outfits such as Lashkar-e-Taiba and Jamaat-ud-Dawa, officials further informed.
China attempted to be a roadblock again at the Buenos Aires plenary, but failed. Since two speaking countries are needed to block a consensus, China was isolated, officials said.
India has been consistently raising the issue of Pakistan’s support to terrorists and terrorist groups at FATF meets. At last week’s meet, ICRG noted: “Pakistan made some progress to implement UNSCR 1267. However, concerns related to UNSCR 1267 remain, specifically that designated individuals and entities of concern continue to receive and disperse funds without controls being applied by the competent authorities.”
Interestingly, Argentine President Mauricio Macri inaugurated the FATF meeting, and emphasised the importance of a complete commitment to the fight against terrorism.
FATF was established in 1989 to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and combating other related threats to global financial system.
It has developed a series of recommendations that are recognised as international standard for combating money laundering and financing of terrorism. Tackling terrorism-related financing remains the top priority for FATF.
FATF has sought from Pakistan, notwithstanding opposition from China, a compliance report by February 2018 on action taken against terror groups such as LeT and JuD.
The decision was taken on Thursday at the Buenos Aires plenary of the FATF, where India raised the issue of Pakistan’s support for terror group at the International Cooperation Review Group (ICRG) meet, according to officials here. Terror financing was a key theme at the FATF meet in the Argentine capital.
The move comes as a shot in the arm for the government after China last week yet again blocked a move at UN Security Council to ban Jaish chief Masood Azhar. The issue of continued support for Pakistan’s terror infrastructure could be raised by PM Modi during his likely meeting with his Chinese counterpart Li Keqiang in Manila on the sidelines of East Asia Summit between November 13 and 14.
Importantly, China was isolated at the FATF meet as all other 36 members, including the US, Russia, France & the UK (four other members of UN Security Council), supported India, officials said.
Earlier this year, FATF at its meeting in Spain had slammed Pakistan for continued complicity in financing terrorist entities.
FATF has asked Pakistan to do more to freeze assets of terror outfits such as Lashkar-e-Taiba and Jamaat-ud-Dawa, officials further informed.
China attempted to be a roadblock again at the Buenos Aires plenary, but failed. Since two speaking countries are needed to block a consensus, China was isolated, officials said.
India has been consistently raising the issue of Pakistan’s support to terrorists and terrorist groups at FATF meets. At last week’s meet, ICRG noted: “Pakistan made some progress to implement UNSCR 1267. However, concerns related to UNSCR 1267 remain, specifically that designated individuals and entities of concern continue to receive and disperse funds without controls being applied by the competent authorities.”
Interestingly, Argentine President Mauricio Macri inaugurated the FATF meeting, and emphasised the importance of a complete commitment to the fight against terrorism.
FATF was established in 1989 to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and combating other related threats to global financial system.
It has developed a series of recommendations that are recognised as international standard for combating money laundering and financing of terrorism. Tackling terrorism-related financing remains the top priority for FATF.
