It was brought back in the list again for the third time in June 2018, and was later removed in October 2022 with FATF asking Pakistan to continue to work with APG to further improve its anti-moneylaundering/combatting the financing of terror (AML/CFT) system.The FATF is the global money laundering and terrorist financing watchdog and sets international standards that aim to prevent these illegal activities.The FATF statement further said that as terrorism continues to threaten societies and citizens around the world, the global watchdog is supporting over 200 jurisdictions within its global network to build and enhance their counter-financing of terrorism (CFT) measures including through the strategic use of financial intelligence — making this one of the most powerful instruments for dismantling terrorist financing networks.”In addition to setting out the framework for combating terrorist financing, the FATF has enhanced its focus on the effectiveness of measures countries have put in place. That is how, through our mutual evaluations, we have identified gaps that need to be addressed,” it added.The FATF has been working for 10 years to help countries stay ahead of terrorist financing risk — for example relating to abuse of social media, crowd funding, and virtual assets.”The FATF will soon release a comprehensive analysis of terrorist financing, compiling cases provided by our global network. It will also host a webinar to help public and private sectors understand the risks and stay alert to emerging threats,” it added.FATF President Elisa de Anda Madrazo at the recent ‘No Money for Terror Conference’ in Munich, had said: “No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Because terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it.”
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