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5d ago

FATF Flags Terror Financing via E-Commerce and Digital Payments as India Seeks Pakistan Grey-Listing

It outlines terrorists’ use of e-commerce, fintech channels, state sponsorship to obscure fund flows following India’s bid to return Pakistan to the FATF grey list.

A flag with the logo of the Financial Action Task Force, FATF, waves in the wind next to the German national falg during a meeting of the task force at the Congress Center in Berlin, Germany.
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Overview

  • FATF’s Comprehensive Update on Terrorist Financing Risks identifies online marketplaces and payment services as growing channels for raising, moving and managing illicit funds
  • The report cites the procurement of aluminium powder via Amazon for the 2019 Pulwama attack and a ₹6.7 lakh PayPal transfer hidden by VPNs in the 2022 Gorakhnath Temple incident
  • It warns that peer-to-peer and fintech platforms offer faster, low-cost transfers but suffer from reduced traceability compared with traditional wire services
  • The update confirms that certain terrorist organisations continue to receive direct financial, logistical and material support from national governments
  • India has filed for Pakistan’s return to FATF’s grey list over alleged counter-terror financing failures, with verdicts due at upcoming Asia-Pacific and plenary sessions