Global watchdog FATF puts Pakistan on notice

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Context:

The Financial Action Task Force (FATF), the global antimoney laundering watchdog, in its just concluded meet at Beunos Aires, Argentina has put Pakistan on notice for terror financing.

More Details:

  • 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.
  • FATF has asked Pakistan to do more to freeze assets of terror outfits such as Lashkar-e-Taiba and Jamaat-ud-Dawa.
  • 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.
  • Terror financing was a key theme at the FATF meet.

About  FATF:

  • 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.

Source: Economic Times