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FATF set to release report on terror financing; condemns Pahalgam attack
The Financial Action Task Force (FATF) will soon release a comprehensive analysis on terror financing, compiling cases submitted by jurisdictions across its global network, it said in a statement on Monday.
The report will be the latest in FATF's efforts to strengthen global measures against terror financing.
The intergovernmental body sets global standards to prevent money laundering, terror financing, and the financing of weapons of mass destruction.
'The FATF has been working for 10 years to help countries stay ahead of terror financing risk, including relating to abuse of social media, crowd funding, and virtual assets. To improve this picture, the FATF will soon release a comprehensive analysis of terror financing, compiling cases provided by our global network. We will also host a webinar to help public and private sectors understand the risks and stay alert to emerging threats,' FATF said.
In a statement issued on its website, FATF reaffirmed its support to over 200 jurisdictions to build and enhance their counter-financing of terrorism (CFT) frameworks.
It said the upcoming report will draw on case studies provided by member jurisdictions and focus on identifying gaps in existing systems.
The statement also condemned the terrorist attack that took place in Pahalgam on April 22. FATF said it 'expresses grave concern and condemns' the attack, which claimed the lives of 26 tourists.
'Terrorist attacks kill, maim and inspire fear around the world. The FATF notes with grave concern and condemns the brutal terrorist attack in Pahalgam on. This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters,' it stated.
The FATF said it has developed guidance on terror financing risks to support experts contributing to evaluations. It has also launched a terror financing risk and context toolkit aimed at improving how jurisdictions are assessed for CFT effectiveness.
The statement quoted FATF president Elisa de Anda Madrazo as saying, 'No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it.'
This is the first time that the concept of 'state-sponsored terrorism' is expected to feature in a FATF document as a source of terror financing.
Only India's National Risk Assessment recognises state-sponsored terrorism from Pakistan as a key terror financing risk.
FATF has also developed a terrorist financing risk and context toolkit to help evaluators assess risks more effectively.
This is intended to ensure that jurisdictions cannot mislead evaluators about the terror financing threats emanating from their territory.
The FATF statement comes as India intensifies diplomatic efforts to hold Pakistan accountable for supporting terrorism.
A senior government official had said in May that India is preparing to submit a dossier at the upcoming FATF meeting, urging that Pakistan be re-listed on the grey terror list due to multiple failures. These include sheltering terrorists, misusing development funds for defence purposes, and not passing key legislation like the Anti-Terrorism (Amendment) Bill, 2020.
India has also opposed recent loan proposals for Pakistan at the International Monetary Fund (IMF) and World Bank, arguing that Pakistan's rising defence expenditure undermines its claims of economic vulnerability.
Pakistan was removed from the grey list in 2022 after FATF acknowledged progress on its anti-money laundering and counter-terror financing frameworks.
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News18
6 hours ago
- News18
India Attacks Pakistan's Finances, Urges FATF To ‘Do The Right Thing': Inside Details Of Letter
Last Updated: Top government sources told News18 that India has once again written to the FATF to remind them to put Pakistan on the grey list during the next meeting India is mounting pressure on global financial institution Financial Action Task Force (FATF) to ensure Pakistan's economic lifeline is cut off. Top government sources told News18 that India has once again written to the FATF to remind it to do the 'right thing" by putting Pakistan on the grey list during the next meeting in autumn. The FATF lists countries according to their track records on clean money. So money laundering, for example, would put a country on the grey list, which is the equivalent of a poor CIBIL score. Sources say the letter lists all instances of past acts of terror which emanated from Pakistan, including the April 22 Pahalgam terror attack. Another point highlighted was the more than 20% recent increase in Pakistan's defence budget. The development happened at a time when the International Monetary Fund (IMF) issued a payout for Pakistan. This suggests the money was not used for the welfare and development of people. Government sources say that the last point could be the clincher to prevail upon global institutions to ensure Pakistan gets no reprieve. In fact, there is some indication of good news. In a press release, the FATF said, 'The FATF reaffirms its support to over 200 jurisdictions within its Global Network to build and enhance their counter-financing of terrorism (CFT) measures…The FATF expresses grave concern and condemns the brutal terrorist attack in Pahalgam, Jammu & Kashmir, India, on 22 April 2025." This marks the third time the FATF has explicitly condemned a major terrorist attack, following previous condemnations in 2015 and 2019. The Pahalgam attack, which tragically claimed the lives of 26 tourists, targeted innocents in a horrifying manner – they were killed at point-blank range in front of their families after being forced to confirm their religion. The FATF has enhanced its focus on the effectiveness of measures countries have put in place. That is how FATF has identified gaps that need to be addressed. The FATF has developed guidance on terrorist financing risk to support experts that contribute to evaluations of the 200+ jurisdictions in the Global Network. The FATF will soon release a comprehensive analysis of terrorist financing, compiling cases provided by the Global Network. As emphasised by FATF President Elisa de Anda Madrazo recently, 'No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Because terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it." Top government sources say that it is rare for the FATF to issue condemnation of terror acts. With the move and the letter, India is hoping for stern action against Pakistan. First Published: June 17, 2025, 07:00 IST
The Print
6 hours ago
- The Print
FATF condemns Pahalgam attack; to soon release case reports on state-sponsored terror funding
'Terrorist attacks kill, maim and inspire fear around the world. The FATF notes with grave concern and condemns the brutal terrorist attack in Pahalgam on 22 April 2025. This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters,' the FATF said in a statement. The rare condemnation by the Financial Action Task Force (FATF) shows that the 'international community has felt the severity of the attack', which killed 26 people in Pahalgam, Kashmir,on April 22, and spotlights that such attacks will not go unpunished, sources said, adding the terror attack was done by Pakistan-trained terrorists. New Delhi, Jun 16 (PTI) Condemning the brutal Pahalgam terror attack in April, global watchdog FATF on Monday said it has enhanced its focus on the steps that the countries have taken to combat terror financing, and will soon release a report on terror financing cases, including state-sponsored terrorism. Sources said FATF rarely issues condemnation of terrorist acts. It is only the third time in last decade that they have issued condemnation of a terrorist attack. It had earlier issued condemnations once in 2015 and then in 2019 in severe cases of terrorist attacks. The FATF statement comes in the backdrop of Indian authorities highlighting Pakistan's persistent support for terrorism and its funnelling of multilateral funds for arms procurement. According to sources, such action by Pakistan warrants that the country be put in the 'grey list' of the FATF. India has consistently held that Pakistan has given safe haven to designated terrorists and the same was evident when senior military officials were present at the funeral of the terrorists killed in Indian military attacks of May 7. Ahead of the next meeting of the Asia Pacific Group (APG) of FATF on August 25 and the next FATF plenary and working group meeting on October 20, India is preparing a dossier on the omissions and commissions by Pakistan with respect to FATF anti-money laundering and terror financing norms. India will be submitting to the FATF for grey listing of Pakistan. The FATF, which is a global money laundering and terrorist financing watchdog and sets international standards that aim to prevent these illegal activities, also said that it will soon release a 'comprehensive analysis of terrorist financing', compiling cases provided by its global network consisting 200 jurisdictions. 'It will also host a webinar to help public and private sectors understand the risks and stay alert to emerging threats,' it added. Sources said the report on terror financing risks would be released in a month's time. This is the first time the concept of 'state sponsored terrorism' is being acknowledged by FATF as a funding source. 'Only India's National Risk Assessment (NRA) recognises state-sponsored terrorism from Pakistan as a key TF risk. The inclusion of 'state sponsored terrorism' as a concept in the report demonstrates international recognition of state-sponsored terrorism by Pakistan,' sources added. Pakistan's history with FATF's 'grey list' dates back to February 2008, when it was placed in the monitoring list. In June 2010 it was removed from the list, only to be brought back in February 2012, and then removed again in February 2015. It was brought back in the list again for the third time in June 2018, and was later removed in October 2022 with FATF asking Pakistan to continue to work with APG to further improve its anti-moneylaundering/combating the financing of terror (AML/CFT) system. Currently, there are 24 countries in FATF 'grey list'. These countries are under increased monitoring and they have to address strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. The FATF statement further said that as terrorism continues to threaten societies and citizens around the world, the global watchdog is supporting over 200 jurisdictions within its global network to build and enhance their counter-financing of terrorism (CFT) measures including through the strategic use of financial intelligence — making this one of the most powerful instruments for dismantling terrorist financing networks. 'In addition to setting out the framework for combating terrorist financing, the FATF has enhanced its focus on the effectiveness of measures countries have put in place. That is how, through our mutual evaluations, we have identified gaps that need to be addressed,' it added. The FATF has been working for 10 years to help countries stay ahead of terrorist financing risk — for example relating to abuse of social media, crowd funding, and virtual assets. FATF President Elisa de Anda Madrazo at the recent 'No Money for Terror Conference' in Munich, had said: 'No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Because terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it.' PTI JD CS HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hindustan Times
8 hours ago
- Hindustan Times
FATF points to fund trail, slams Pahalgam attack
The Financial Action Task Force (FATF) has condemned the April 22 terror attack in Pahalgam saying it could not have occurred without money and means to move funds between terrorist supporters, which Indian officials described as an important first direct statement by the global terror financing and money laundering watchdog and a positive step in New Delhi's renewed attempts to put Pakistan back on the grey list. Countries in the grey list are subject to increased scrutiny, given an action plan, and their implementation of this is monitored every four months. If they fail to show any progress, then they are pushed to the 'black list' and subjected to counter measures. Countries currently on the FATF black list are Iran, Myanmar and North Korea. The global body further said that it has enhanced its focus on the effectiveness of measures countries have put in place, identified gaps in terror financing, and will soon release a comprehensive analysis on that. 'Terrorist attacks kill, maim and inspire fear around the world. The FATF notes with grave concern and condemns the brutal terrorist attack in Pahalgam on 22 April 2025. This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters,' the statement titled 'Strengthening efforts to combat terrorist financing' said. A government official, who did not wish to be named, said, 'FATF rarely issues condemnation of terrorist acts. It is only the third time in the last decade that they have issued condemnation of a terrorist attack.' The watchdog had earlier issued condemnation in 2015 and 2019 of severe terrorist attacks. 'It has issued the condemnation because the international community has felt the severity of the attack and spotlights that such attacks will not go unpunished,' he added. FATF developed a TF [terror financing] Risk and Context toolkit for assessors, so that rogue states such as Pakistan cannot fool it with lies, he said. 'FATF is releasing a report on TF risks in a month's time. This is the first time the concept of 'state-sponsored terrorism' is being acknowledged by FATF as a funding source. Only India's National Risk Assessment (NRA) recognises state-sponsored terrorism from Pakistan as a key TF risk. The inclusion of 'state-sponsored terrorism' as a concept in the report demonstrates international recognition of state-sponsored terrorism by Pakistan,' he said. He quoted FATF president Elisa de Anda Madrazo's recent comments, 'No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Because terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it.' People familiar with the statement said an Indian team comprising officials from the ministries of home and finance, the Enforcement Directorate (ED), and other agencies, which had travelled to Strasbourg, France, for the FATF plenary from June 10-13, highlighted Pakistan's support for terrorism, including the Pahalgam attack, in which 26 tourists were killed. 'Evidence has been provided to prove that Islamabad has failed to enforce anti-money laundering and counterterror reforms and made no headway in prosecuting UN-designated terrorists,' said an officer, who asked not to be named. Pakistan was removed from the FATF grey list in October 2022 but Indian officials have highlighted that its support to terrorism persists and that Islamabad provides safe haven to designated terrorists. It is due for an evaluation in 2026, and Indian officials are making efforts to convey to the international community that Islamabad needs to be put back in the increased monitoring category (grey list). Before Pahalgam, a similar statement was issued by FATF in 2019 after the Pulwama terror attack, in which 40 Central Reserve Police Force (CRPF) personnel were killed. Both the incidents forced India to respond by conducting air strikes deep inside Pakistan and brought both the countries on the brink of full-scale war. The Pahalgam attack was raised by India last month at a UN meeting in Vienna as well, saying Pakistan based UN-proscribed terrorist groups such as Lashkar-e-Taiba, Jaish-e-Mohammad and their proxies have orchestrated attacks on Indian soil, leading to tragic loss of innocent lives. 'Incidents such as the 2008 Mumbai attacks, the attacks in Uri and Pathankot in 2016, the 2019 Pulwama suicide bombing, and most recently, the heinous terror attack in Pahalgam where 26 tourists were shot dead, remain deeply etched in our national consciousness,' the Indian government said last month in a statement in Vienna. In response to the Pahalgam attack, India launched Operation Sindoor on May 7. Indian forces bombed nine terror camps in Pakistan and Pakistan-occupied Kashmir (PoK) in pre-dawn strikes — in which at least 100 terrorists were killed —and sparked a series of attacks and counter-attacks across the western border, involving fighter jets, missiles, armed drones, and fierce artillery and rocket duels. In one such attack on the night of May 9-10, the Indian Air Force struck targets at 13 Pakistani airbases and military installations. After four days of fighting, military hostilities were stopped on May 10 evening as the two nations reached an understanding. The National Investigation Agency (NIA) is currently investigating the terror attack and is looking for terrorists — estimated to be four in number—who shot 26 tourists at close range before fleeing. The federal agency has interrogated several individuals including pony operators, vendors, photographers and those employed in adventure sports activities apart from hundreds of overground workers to get clues in the case. Asserting that as terrorism continues to threaten societies and citizens around the world, FATF said in its statement on Monday that it supports over 200 jurisdictions within its global network to build and enhance their counter-financing of terrorism (CFT) measures, including through the strategic use of financial intelligence – making this 'one of the most powerful instruments for dismantling terrorist financing networks'. It further said that 'in addition to setting out the framework for combating terrorist financing, the FATF has enhanced its focus on the effectiveness of measures countries have put in place'. 'That is how, through our mutual evaluations, we have identified gaps that need to be addressed'. The global watchdog claimed that it has developed 'guidance on terrorist financing risk to support experts that contribute to evaluations of the 200+ jurisdictions in the global network'. FATF asserted that it is working to improve its support to countries to stay ahead of terrorist financing risks – for example, relating to abuse of social media, crowd funding, and virtual assets -- and release a comprehensive analysis of terrorist financing. 'To improve this picture, the FATF will soon release a comprehensive analysis of terrorist financing, compiling cases provided by our global network. It will also host a webinar to help public and private sectors understand the risks and stay alert to emerging threats,' FATF added.
