US, Russia back India in bid to stop terror funding by Pakistan

Note4students

Mains Paper 2: IR | Bilateral, regional & global groupings & agreements involving India &/or affecting India’s interests

From UPSC perspective, the following things are important:

Prelims level: Financial Action Task Force (FATF)

Mains level: Pakistan support to terrorist groups and India’s efforts at exposing Pakistan


News

Highlighting Pakistan’s role in abetment of terrorism

  1. India’s attempts at highlighting Pakistan’s role in abetment of terrorism and financing of terrorist organizations globally is meeting with success
  2. Countries like the US and Russia are backing New Delhi’s attempts to pressure Islamabad to stem the flow of funds to banned individuals and entities at forums like the international Financial Action Task Force (FATF)
  3. India has kept up its efforts to highlight Pakistan’s links with anti-India terrorist groups and abetment of terrorism at various multilateral forums including the United Nations general assembly as well as during bilateral interactions

Pakistan warned

  1. The government said American and Russian support had ensured that the FATF, in its meeting in November in Argentina, called on Pakistan to report on the action it was taking to curb terror funding
  2. FATF has warned Pakistan it could be put on a watch list if failed to crack down on the financing of terrorism

Back2Basics

Financial Action Task Force (FATF)

  1. The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member Jurisdictions
  2. The FATF currently comprises 35 member jurisdictions and 2 regional organizations (GCC and European Commission), representing most major financial centres in all parts of the globe
  3. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system
  4. The FATF is, therefore, a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas
  5. The FATF’s decision-making body, the FATF Plenary, meets three times per year
  6. The FATF has developed a series of Recommendations that are recognized as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction
Foreign Policy Watch: Cross-Border Terrorism
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