Speaking at an event held on the sidelines of the United Nations Counter-Terrorism Week on Monday, India's Permanent Representative to the United Nations, P. Harish, described the FATF as "an indispensable pillar of the global counterterrorism financing and anti-money laundering architecture."
"Attempts to question its credibility often reflect fear of scrutiny rather than genuine process-related concerns," Harish said.
Although he did not directly name Pakistan, his remarks came amid Islamabad's repeated allegations that the FATF had been politically weaponised when the country was placed on its "grey list" for increased monitoring.
Addressing the event titled "Joining Forces to Counter Terrorism Financing in the Context of Evolving Threats and Emerging Technologies," which was co-sponsored by India and France, Harish said India's decades-long experience in confronting cross-border terrorism has demonstrated that evolving digital technologies have made the sources, methods and channels of terrorist financing increasingly complex.
"Our history shows that critical terrorist financing risks have not emerged anonymously. They have been sponsored, including by some state actors," Harish stated.
Defending the functioning of the FATF, Harish emphasised that the organisation's work is technical, evidence-based and rooted in internationally accepted standards. He said countries receiving adverse assessments should address the identified deficiencies, strengthen domestic enforcement mechanisms, improve financial transparency and demonstrate irreversible action against terrorist financing networks.
"The answer to FATF scrutiny is not politicised activism in United Nations forums, but credible compliance," he said.
Harish further asserted that countries allowing their territory, institutions or financial systems to be exploited for terrorism must stop exporting instability and instead fulfil their obligations towards international peace and security.
The 40-member FATF leads global efforts to combat terrorist financing, money laundering and other financial crimes, including drug trafficking, illegal arms trade and cyber fraud. The organisation monitors jurisdictions to ensure compliance with internationally accepted standards designed to prevent the misuse of financial systems.
Highlighting India's cooperation with the FATF, Harish said the country has taken significant measures to address emerging financial technologies that could be exploited by criminal and terrorist networks. He stated that India has brought virtual asset service providers within its anti-money laundering framework and tightened verification requirements for centralised exchanges and users.
He also noted that India has contributed case studies to FATF updates and shared best practices to help mitigate risks associated with terrorist financing.
Pakistan, which was previously placed on the FATF's grey list for deficiencies in combating terrorist financing and money laundering, implemented the measures prescribed by the watchdog before being removed from the list. However, the country continues to remain under monitoring by the FATF and its regional affiliate, the Asia/Pacific Group on Money Laundering.
India's strong defence of the FATF at the United Nations underscores its continued commitment to strengthening the global framework against terrorist financing and money laundering while reinforcing the need for strict compliance with internationally accepted standards to safeguard international peace and security.
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