India has supported the Financial Action Task Force (FATF) against Pakistan’s accusations, emphasizing the organization’s crucial role in global counterterrorism financing and anti-money laundering efforts. India’s Permanent Representative P Harish highlighted that challenges in terrorist financing are often state-sponsored rather than anonymous, without directly naming Pakistan. Speaking at a UN event co-sponsored by India and France, Harish underscored the importance of countering terrorism financing amid evolving threats and digital advancements. He defended FATF’s technical and evidence-based approach, urging countries to address identified deficiencies and enhance financial transparency to combat terror financing effectively.
Harish emphasized the need for credible compliance with FATF standards, stressing that politicized activism in UN forums is not the solution to scrutiny. He called on states to prevent the misuse of their territories, institutions, and financial systems for terrorism, emphasizing the importance of fulfilling international peace and security obligations. The FATF, comprising 40 members, plays a vital role in combating terrorism funding, money laundering, and other illicit financial activities globally. Harish outlined India’s cooperation with FATF, including efforts to regulate virtual asset service providers and enhance verification requirements for financial exchanges and users.
Despite Pakistan’s criticism of FATF, the country agreed to comply with the organization’s conditions under international pressure to be removed from the “grey list.” Pakistan will continue to be monitored by FATF and its affiliate, the Asia/Pacific Group on Money Laundering (APG), to address financial irregularities and combat illicit monetary activities effectively.
