Paris: Global terror funding watchdog Financial Action Task Force (FATF) has once again given a strict warning to Pakistan. FATF President Elisa de Anda Madrazo said Pakistan's removal from the gray list does not mean that it has become "safe" from money laundering or terror funding. He clearly said that every country, whether in the FATF list or outside, can never be completely safe from the financial activities of criminals and terrorists.
FATF chief Alyssa Madrazo said during a press conference in Paris that Pakistan may have been removed from the FATF gray list in October 2022, but it is still under strict surveillance. "Removing from the gray list does not mean that a country is now completely safe from the funding of criminals or terrorists. Therefore, all countries should continue to enforce their anti-money laundering and anti-terror financing measures," he said.
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Pakistan is not a member of FATF, hence the work of keeping an eye on it is being done by Asia Pacific Group (APG). This institution ensures whether Pakistan is properly implementing its anti-terror laws and financial tracking system.
In fact, Pakistan was put in the gray list of FATF in 2018 because it was found to have serious shortcomings in curbing terror funding. FATF pulled it out in 2022, but with the condition that “reforms will continue to be monitored.”
Recently reports came that Jaish-e-Mohammed (JeM), a terrorist organization operating in Pakistan, is funding its terror camps through digital wallets and online transactions. These news have increased the concern of FATF.
India's National Risk Assessment Report 2022 has also described Pakistan as a “high-risk source of terror financing”. The report said Pakistan continues to be involved in state-sponsored terrorism and proliferation financing.
The Fourth Plenary Meeting of the FATF was held in Paris, chaired by Elisa Madrazo. Representatives from more than 200 countries participated in it. New strategies to stop illegal finance, crack down on terrorist funding and combat money laundering were discussed in the meeting. FATF also clarified that no country in the world should have the illusion that ending surveillance means ending the threat.
