NACTA in action against financial terrorism in Pakistan

NACTA in action against financial terrorism in Pakistan

ISLAMABAD: Pakistan's National Counter Terrorism Authority  (NACTA) has frozen the accounts of a large number of suspected militants, taking about $3 million out of their pockets, but Islamabad could still come under scrutiny at a crucial June meeting of an international watchdog that tracks terror financing.

Analysts say political foot-dragging and sympathetic supporters throughout the country makes it difficult to cut off the money supply to banned militant groups.

Next month in Spain, the Financial Action Task Force (FATF) will update its assessment of “high-risk and non-cooperative jurisdictions,” Alexandra Wijme­nga-Daniel of the task force’s communications dep­ar­t­ment said in an email. She did not offer any specifics.International body to scrutinise Pakistan’s efforts for stopping terror financing next month

The 35-nation intergovernmental organisation was formed in 1989 to combat money laundering. After 9/11, it also took on the role of fighting the financing of terrorism. Getting on the task force’s “black list” could hurt a country’s ability to borrow, if its banking system is considered a money laundering haven.