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Hindustan Times
2 hours ago
- Business
- 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.
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Business Standard
7 hours ago
- Business
- Business Standard
FATF condemns Pahalgam attack, to release terror financing report soon
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. This is the third time the FATF has explicitly condemned a terrorist incident, following earlier statements in 2015 and 2019. 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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Business Standard
9 hours ago
- Business
- Business Standard
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.
India Today
12 hours ago
- Business
- India Today
FATF condemns Pahalgam attack, says it couldn't have occurred without money
The Financial Action Task Force (FATF) has strongly condemned the April 22 terror attack in Jammu and Kashmir's Pahalgam that killed 26 people, saying the assault could not have happened without financial backing and the ability to move funds across terror a statement, the global terror financing watchdog, which removed Pakistan from the grey list in 2022, said that "money movement" was central to terrorism and such attacks, including the one in Pahalgam, would not be mention of the Pahalgam attack by the FATF is rare and significant, and lends weight to India's assertion that Pakistan-backed terror groups were involved in various terror attacks in India. This also indicates the global recognition of the threat of cross-border terrorism in India, and the critical role of financial flows in sustaining terror operations. The FATF's condemnation of the Pahalgam attack could help India push to include Pakistan again in the grey list, along with evidence and arguments that Islamabad has failed to take action against terror networks operating on its soil since statement indirectly underlined Pakistan-based terror financing routes, as India has consistently highlighted the use of hawala, NGOs and digital tools like cryptocurrency by terror groups operating from across the Paris-based watchdog flagged new-age risks such as the abuse of social media, crowdfunding and virtual assets - tools increasingly being used to bypass traditional surveillance statement may help India push for tighter international scrutiny of Pakistan's commitments under FATF's grey list was earlier in the grey list (a designation indicating a country under increased monitoring due to weaknesses in its anti-money laundering and counter-terrorism financing systems) from 2018 to 2022. The country was removed from the grey list in has been pushing for Pakistan's return to the grey list, citing concerns about Pakistan's failure to fully implement anti-terror laws as a condition of being removed from the list. New Delhi has also been providing FATF with evidence related to Islamabad's terror infrastructure.A comprehensive report on terror financing patterns will be released by the FATF soon, highlighting global case studies. A webinar will also be held to alert public and private players to emerging FATF President Elisa de Anda Madrazo stressed the need for global unity in fighting terrorism, noting that terrorists need only one success, while countries must prevent every single InMust Watch IN THIS STORY#India-Pakistan#Jammu and Kashmir
Bloomberg
13-03-2025
- Bloomberg
Big Tech Must Be Held to Account for Sextortion Scams, Watchdog Says
Some of the world's largest social media platforms should 'fundamentally' be held responsible for their role in facilitating sextortion scams that target children, according to the head of a global dirty-money watchdog. Elisa de Anda Madrazo, president of the Financial Action Task Force, said the group is focused on combating one of the world's fastest-growing crimes. In a new report, the Paris-based inter-governmental body said financial intelligence can be leveraged to disrupt online child sexual exploitation. The research also delved into the role apps such as Snapchat, Instagram and Facebook play in initially connecting perpetrators to victims.
