FINANCIAL TERRORISM IN PAKISTAN: CAUSES AND PREVENTIVE ACTIONS

Abstract

Terrorism has been the most overarching question in the 21ST century. After the “war on terror”, nations have shown committed concern over this perilous dilemma. Even terrorism has put the centuries old archrivals in the same que for curbing it. Curbing the menace of terrorism has become the one of the foremost and paramount policies of each country. The vulnerabilities of terrorism have been ingrained in both the public and private sphere. The term “Terrorism” comes in different forms. However, the most debatable form is financial terrorism or terrorism financing. In terrorism financing different individual try to provide funds to terror propagating organization for carrying out terrorist activities. The funds or money raised by the individuals could be through legal and illegal activities. Terrorism financing has been the most ubiquitous and cruel crime. Pakistan, land of the pure, has also witnessed this cruel crime. Pakistan has always been seesawed between unusual economic fluctuation and some severe concern related to it. Pakistan has been a hub of Money Laundering or terrorist financing and have faced severe consequences. Some severe implications had put Pakistan in the infamous greylist of Financial Action Task Force (FATF), which came into bei to combat money laundering and financial terrorism. This research paper will analyze the repercussions faced by Pakistan. This paper will delve into the insights of Pakistan’s enlistment and exit from the greylist of FATF. This paper will inspect the vulnerable elements and primary causes of terrorism financing. Furthermore, this paper will suggest some key preventive actions and pragmatic policies for mitigating terrorism financing. This paper will further shed light on prospect of terrorism financing and money laundering.