CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In the aftermath of the recent terror attack in Pahalgam, which claimed 26 lives mostly tourists India is taking strong financial steps against Pakistan. As part of its response, India is pushing for Pakistan to be placed back on the Financial Action Task Force (FATF) grey list, aiming to tighten scrutiny on its financial system and restrict its access to global funding.
About FATF
The Financial Action Task Force is an intergovernmental organization created in 1989 during a G-7 summit in Paris. It functions as the global authority for setting standards to combat money laundering, terrorism financing, and, more recently, the funding of weapons of mass destruction (WMDs).
India joined the FATF as an observer in 2006 and became a full member in 2010.
The FATF’s original focus was to fight money laundering.
Post the 9/11 attacks in 2001, its mission expanded to include counter-terrorism financing.
In 2012, it further widened its mandate to prevent the spread of WMD financing.
Implications Of Grey Listing
The FATF places countries under increased monitoring on a "grey list" if they fail to comply with international standards. Pakistan was removed from this list in October 2022 after pledging reforms in its anti-money laundering and counter-terrorism financing laws.
Re-inclusion on the list could severely hamper Pakistan’s economy by:
Increasing scrutiny from global financial institutions
Discouraging foreign investors
Complicating access to international loans
Undermining its recent financial aid package from the International Monetary Fund (IMF)
Diplomatic Dimensions And India Role
FATF evaluations significantly influence international perceptions and bilateral relations. India is reportedly reaching out to several FATF member nations to build support for its proposal. This step underlines the close link between financial governance and diplomatic engagement in tackling global terrorism.
Broader Geopolitical Context
India’s efforts reflect a growing trend of leveraging economic and financial mechanisms as tools of national security policy. The upcoming FATF plenary will be critical in deciding whether Pakistan will face renewed global financial restrictions. The outcome could shape not only Pakistan’s economic future but also impact broader regional stability in South Asia.
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