FATF Intensifies Efforts Against Terrorist Financing Amid Global Threats

In a stern statement, the Financial Action Task Force (FATF) on Monday denounced the April 22 attack in Jammu and Kashmir's Pahalgam that claimed 26 lives. The global money laundering and terrorist financing watchdog asserted that such heinous acts necessitate financial support and called for action against financial networks fueling terrorism.

Addressing the persistent threat of terrorism worldwide, FATF emphasized its commitment to aiding over 200 jurisdictions in fortifying measures to counteract the financing of terrorism (CFT). The organization highlighted the use of financial intelligence as a formidable tool in disrupting terrorist funding networks.

In response to evolving dangers, FATF vowed to bolster the effectiveness of CFT initiatives through thorough evaluations and identifying gaps, particularly concerning new threats such as the misuse of social media and virtual assets. The FATF is preparing a detailed analysis of terrorist financing cases and plans a webinar to enhance public and private sector awareness.

FATF President Elisa de Anda Madrazo reinforced the call for global solidarity during the No Money for Terror Conference, stressing that combating terrorism is a shared global responsibility. In the aftermath of the brutal attack, all-party delegations called for Pakistan's return to FATF's grey list to curtail its reputation for terror financing.

(With inputs from agencies.)