Pakistan on FATFs Grey List: Terrorist Financing Perspective

Abid Hussain
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Abid Hussain: PhD Scholar, Department of Law,University of Karachi, Karachi, Sindh, Pakistan.

Global Regional Review, 2019, vol. 4, issue 4, 281-290

Abstract: Pakistan is facing great challenges of terrorism which have posed serious threats towards integrity and stability of the country. It is unanimously agreed that finance serves as lifeline for execution of terrorist activities. Terrorist groups generate funds through multiple sources and transfer them by exploiting the loopholes existing in financial system. Despite, Pakistan has taken sufficient steps to counter the financing of terrorism (CFT), nonetheless, money is still transmitting due to some regulatory flaws of the financial system. Owing to terrorist financing related deficiencies, Pakistan has been placed on the Financial Action Task Force (FATF) “Grey list†. FATF has warned Pakistan to be blacklisted if precipitate actions to address TF related deficiencies are not taken until February 2020. The paper evaluates the present CFT legal framework and recommends certain legal initiatives required to be taken by Pakistan prior dead line of February 2020.

Keywords: Financing of terrorism; Sources of funds; Channels of fund transfer; Financial Action Task Force; CFT regime. (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aaw:grrjrn:v:4:y:2019:i:4:p:281-290

DOI: 10.31703/grr.2019(IV-IV).31

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