Global watchdog keeps Pakistan on terrorism financing 'gray list'
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Sunday
January 29, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SUNDAY, JANUARY 29, 2023
Global watchdog keeps Pakistan on terrorism financing 'gray list'

World+Biz

Reuters
21 February, 2020, 09:50 pm
Last modified: 21 February, 2020, 09:56 pm

Related News

  • Pakistan govt lifts petrol, diesel prices by 35 rupees a litre
  • Ten children killed in northwest Pakistan boat capsize
  • 40 killed in southwest Pakistan bus crash
  • IMF announces visit to crisis-hit Pakistan
  • Pakistan's cenbank foreign reserves fall $923 mln to $3.68 bln -statement

Global watchdog keeps Pakistan on terrorism financing 'gray list'

Inclusion on the FATF blacklist would put Pakistan in company with Iran and North Korea and mean it would be shunned by international financial institutions

Reuters
21 February, 2020, 09:50 pm
Last modified: 21 February, 2020, 09:56 pm
Global watchdog keeps Pakistan on terrorism financing 'gray list'

Pakistan won an extra four months to meet international anti-terrorism financing norms on Friday when a global dirty money watchdog decided to keep the country off its blacklist for now.

After Pakistan missed multiple previous deadlines, the Financial Action Task Force said it was concerned that Islamabad had again failed to complete an internationally agreed action plan.

"The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020," the FATF said in a statement issued after a meeting in Paris. "Otherwise, should significant and sustainable progress especially in prosecuting and penalizing TF (terrorism financing) not be made by the next Plenary, the FATF will take action."

It said such action could include calling on its member states to order their financial institutions to give particularly rigorous attention to business relations and transactions with Pakistani clients.

Inclusion on the FATF blacklist would put Pakistan in company with Iran and North Korea and mean it would be shunned by international financial institutions.

Pakistan has long been accused of nurturing and supporting Islamist militant groups for use as proxies to project power in the South Asian region particularly towards its arch-rival India and in Afghanistan. Islamabad denies such accusations.

But with a minimum of three votes by FATF members needed to avoid the organization's blacklist, Pakistan has been able to avoid punishment so far thanks to support from major ally China and other friendly countries including Malaysia and Turkey.

"The Government of Pakistan stands committed for taking all necessary action required for completing the remaining items in the Action Plan," it said in a statement after the FATF decision.

"A strategy in this regard has been formulated and is being implemented," it added.

Islamabad and counter-terrorism officials say Pakistan has done much to comply with FATF's 27-point agenda, which included an unprecedented conviction for terrorism financing of Hafiz Saeed, chief of the Pakistani Lashkar-e-Taiba (LeT) militant group.

In 2018 the FATF placed Pakistan on its "gray list" of countries with inadequate controls over terrorism financing, which made foreign firms more cautious about investing in Pakistan.

A move onto the blacklist could deal the South Asian power a serious financial hit at a time when its economy is grappling with a balance of payments crisis.

The most crucial aspect of compliance with FATF in Pakistan's case would be steps to effectively prevent militant groups from openly operating and raising funds, as the LeT has done from Islamic charities.

The FATF has pushed Pakistan to adequately identify, assess and understand risks associated with jihadist groups present in the country such as LeT, Islamic State, al Qaeda, Jamat-ud-Dawa and Jaish-e-Mohammad (JeM).

Global watchdog / Pakistan

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: TBS
    It's corruption that bites business harder: CPD
  • Import slowdown to affect economic growth: ADB country head
    Import slowdown to affect economic growth: ADB country head
  • Photo: Collected
    Foreign loan pledges fall 60% in H1  

MOST VIEWED

  • A woman on a mobility scooter drives past a mural praising the NHS (National Health Service) amidst the continuation of the coronavirus disease (COVID-19) pandemic, London, Britain, March 5, 2021. REUTERS/Toby Melville/File Photo
    Hundreds of thousands of UK healthcare workers balloted for strikes
  • FILE PHOTO: A general view shows the Island of Kunashir, one of four islands known as the Southern Kuriles in Russia and the Northern Territories in Japan, December 20, 2016. REUTERS/Yuri Maltsev/File Photo
    Russia rules out talks with Japan on fishing near disputed islands
  • Chief Executive of oil producer Rosneft Igor Sechin attends a meeting with Russian President Vladimir Putin at the Novo-Ogaryovo state residence outside Moscow, Russia February 15, 2021. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS/File Photo
    Russia's Sechin says Taiwan will return to China 'on schedule'
  • FILE PHOTO: US Representative Michael McCaul (R-TX) arrives at Trump Tower to meet with US President-elect Donald Trump in New York, US, November 29, 2016. REUTERS/Mike Segar/File Photo
    Odds 'very high' of US military conflict with China, top Republican says
  • China's and U.S.' flags are seen printed on paper in this illustration taken January 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    China says willing to communicate with US military but 'red lines' should be respected
  • Photo: Reuters
    UAE museum unveils Torah scroll that survived the Holocaust in tolerance push

Related News

  • Pakistan govt lifts petrol, diesel prices by 35 rupees a litre
  • Ten children killed in northwest Pakistan boat capsize
  • 40 killed in southwest Pakistan bus crash
  • IMF announces visit to crisis-hit Pakistan
  • Pakistan's cenbank foreign reserves fall $923 mln to $3.68 bln -statement

Features

Nandita Sharmin's journey to give organic skincare a new identity

Nandita Sharmin's journey to give organic skincare a new identity

10h | Mode
Illustration: TBS

'The silver lining is that the worst is sort of behind us': Hamid Rashid, UN economist

13h | Panorama
Photo: Bloomberg

BuzzFeed and AI are a match made in fad city

12h | Panorama
Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1d | Panorama

More Videos from TBS

Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

3h | TBS Entertainment
Take your football game to the next level at Next Level academy

Take your football game to the next level at Next Level academy

4h | TBS SPORTS
“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

6h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

1d | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

4
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

5
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]