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8,707 Apprehensive Transactions In 2018! FATF Forewarns Pakistan

Mumbai: Financial Action Task Force (FATF) agitated Pakistan that incidents like Pulwama terror attack which lead to the death of 40 Indian CRPF Soldiers, complies that terrorism is still in the world that continues to threaten people and societies around the world. This terror activity cannot be taken place without funding and the ways and supporters for this illegal funding.

FATF is an inter-government organization whose purpose is to develop and promote policies at national and International levels so that to overcome money laundering and Terrorism.

A few days back, FATF has stated Pakistan to perpetuate its inter-relation within its States so that to conflict with Terrorism but still inter provincial consultants have been taking place in Pakistan.

8,707 apprehensive transaction has been issued by the Financial Monitoring Unit in 2018. As compared to 2017, there were 5,548 suspicious transactions reports (STRs) in Pakistan. The report says alone January and February has 1,136 STRs of this year.

109 bankers are been scrutinized for opening fake bank accounts with these six banks have also been fined. Further adding to this illegal practice, smuggled currency and jewellery amounts were more than 20 billion which were inappropriate.

The FATF had told Pakistan to rapidly comply with its action plan by May 2019 otherwise can lead to ‘blacklist’. While FATF has already put Pakistan into its ‘grey-list’.

ICRG in its previous meeting with Pakistan was unsatisfied with the development and progress on milestones which was set for January 2019.

‘Pakistan has not revealed and demonstrated a proper understanding of the terror financing threat foot by Islamic state group, AQ (Al Qaeda), Jud, Jem, FIF, LeT, Haqqani network and persons related to Taliban’, FATF noted.

With only a few months to go, FATF will conduct its meeting in Jun 2019, all the government machinery in Pakistan has urged to show progress for terror funding.

Islamabad, being the national capital of Pakistan has to comply with its 10 tip action plan so that to reveal the terror financing institution.

Pakistan has to show an effective execution of intending sanctions against the 1,267 and 1,373 United Nation designated terrorists. Moreover, they need to demonstrate that terror proceedings lead to cautionary, exemplary and effective sanctions.

If Pakistan fails to effectuate the objectives and steps led by FATF and curbing funding of terrorism, then by September 2019 Pakistan will be put on the blacklist. If this happens, no country will, willing to invest or provide a loan to Pakistan.

India has its several issues with its neighbour country Pakistan after its partition with it for its ever-increasing and continues going terrorism. Further, The US has told Pakistan to stop assisting and provide safe haven to terror outfits. The US President Donald Trump had also terminated paying USD 1.3 billion to Pakistan.

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