A counterterrorism financing bill under consideration by Pakistani lawmakers may do little to staunch money flows in the region that end up in the hands of terror groups, say analysts. On Tuesday, Pakistan's National Assembly Standing Committee on Finance approved a bill that would criminalize funding terrorism and expand the legal definition of "financial institution" to include any entity that deposits, lends or transfers money, according to a report Tuesday by the Associated Press. Pakistan, which was singled out by the Paris-based Financial Action Task Force in February and again last month for lax financial crime laws, also reapproved anti-money...
U.N. and U.S. sanctions against the Lashkar-e-Taiba, one of the largest militant Islamist groups operating in the world, have done little to stem its finances, according to Amit Kumar, the fellow for Homeland Security and Counterterrorism at the Center for National Policy.
Transparency International's anti-corruption efforts in Pakistan have drawn public denunciations and death threats, in part because the organization controls $7.5 billion in aid, according to a group official.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
A Paris court convicted the National Bank of Pakistan and French Bank Societe Marseillaise de Credit on Thursday of failing to detect an 82 million euro money laundering scheme, according to the Associated Press.