ISLAMABAD: Following the Pulwama terror attack in Jammu and Kashmir, the Paris-based Financial Action Task Force has warned Pakistan to curb terror financing, the responsibility for which was claimed by Pakistan-based terror group Jaish-e-Mohammed (JeM). The Financial Monitoring Unit has issued 8,707 suspicious transaction reports (STRs) in 2018, as compared to 5,548 STRs issued in 2017 in Pakistan. Some 1,136 STRs have been issued in January and February alone this year, the Pakistan-based newspaper Dawn reported.

However condemning the attack, the FATF said terrorism continued to threaten societies around the world, and could not take place without funding and the means to move money among terror supporters. Inter-ministerial consultations have been taking place in Pakistan to work on areas highlighted by the FATF''s International Cooperation Review Group (ICRG).

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The ICRG, in its recent meeting with Pakistan, was not satisfied with progress on milestones that had been set out for the country for January 2019. The FATF told Pakistan to "swiftly complete its action plan, particularly those with timelines of May 2019."Six banks have also been fined, while 109 bankers are being investigated for opening fake bank accounts. Adding to this, smuggled currency and jewellery amounting to more than Pakistani 20 billion rupees has been confiscated between July 2018 and January 31, the report said.

The FATF noted that Pakistan did not "demonstrate a proper understanding of the terror financing risks..." India has raised the issue of Pakistan harbouring terrorism on its soil on many forums, with the international community throwing its weight behind India following the February 14 terrorist attack in Pulwama, which claimed the lives of over 40 CRPF personnel. The US has told Pakistan to stop supporting and providing shelter to terror groups. Islamabad now has to comply with the 10-point action plan of the FATF.

If Pakistan fails in accomplishing the objectives laid out by the FATF and curbing funding for terrorism, it may be put on the blacklist by FATF by September this year.

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