Pakistan government launches crackdown against terror financing inline with FATF directions

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Pakistan government launches crackdown against terror financing inline with FATF directions

ISLAMABAD - The federal government has become more aggressive in showing tangible progress within two months as the next FATF deadline is in May 2019.

The government will now prioritize the realization of 27 targets under the 10-point action plan.

While the FATF meetings were going on from February 18-22, the government imposed a ban on Falah-e-Insanyat Foundation (FIF) and Jamat-ud-Dawa (JuD).

The FATF expressed concern and condemned the attack, saying terrorism continues to threaten the world. It further said that such incidents cannot occur without money and the means to mobilize funds within the terrorists and their supporters. ------------------------------

Since then, the government is holding inter-ministerial consultations on a daily basis to deal with the weak areas identified by the International Cooperation Review Group (ICRG) of the FATF.

The ICRG had assessed Pakistan’s progress report submitted by the Asia-Pacific Joint Group, which is a regional associate of the FATF.

Authorities briefed the Prime Minister in one of the meetings that six banks have been fined till date. Whereas, 109 bankers are being investigated for opening fake bank accounts. Moreover, the Financial Monitoring Unit (FMU) has noticed 8,707 suspicious transaction reports (STRs) in 2018.