The Financial Action Task Force (FATF), the financial watchdog of the G7, has condemned the "brutal" terrorist attack that took place in Pahalgam, Jammu & Kashmir in April.
In a rare public statement, FATF expressed grave concern, underscoring that such an attack could not have occurred without financial support and the capability to transfer funds among terrorist networks.
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This marks only the third instance in the last decade when the Paris-based watchdog has issued an official condemnation, signaling the severity of the incident and the growing urgency of curbing terrorism financing.
The FATF reiterated its position that financial intelligence remains one of the most effective tools in dismantling global terrorist networks. It emphasised that the ability to follow the money trail is critical in preventing such acts, and called on its 200+ member jurisdictions to intensify efforts under the Countering the Financing of Terrorism (CFT) framework.
The FATF added that it has sharpened its focus on the effectiveness of counter-terrorism financing measures, and not just their existence. Gaps identified during mutual evaluations are being addressed through updated guidance and the sharing of risk-based approaches, including risks arising from social media, crowdfunding platforms, and virtual assets.
As part of this effort, the FATF will also release a comprehensive analysis of terrorist financing. The report, based on case studies from across its Global Network, will provide insights into emerging trends and tactics used by terrorist entities.
Last month, NDTV Profit reported that India is set to raise formal objections with the World Bank over its proposed $20 billion lending package to Pakistan, which is expected to be cleared in June. It was also reported that the India will escalate the issue at the Financial Action Task Force, seeking to return Pakistan to the FATF ‘grey list' for failing to comply with anti-money laundering and counter-terror financing norms.
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