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Title: An Appraisal of the Pakistani Laws on Combating Terrorist Financing and its Comparison with International Standards
Authors: Hussain, Abid
Keywords: Law and Legislature
Issue Date: 2021
Publisher: University of Karachi, Karachi.
Abstract: The terrorism is one of the most challenging problem, the world is facing today. Combating the financing of terrorism (CFT) is a core pillar of the fight against terrorism. The raising and transfer of funds to support terrorist activities have become a great threat for the security and stability of the world. Financing is required not just to fund specific terrorist operation, but also to meet the broader requirements of developing and maintaining a terrorist organization and to create an enabling environment necessary to sustain their activities. The direct costs of mounting individual attacks have been low relative to the damage they can yield. However, maintaining a terrorist network, recruitment, planning, and procurement between attacks represents a significant drain on resources. Terrorist organizations raise funding from legitimate sources, including the abuse of charitable entities or legitimate businesses or self-financing by the terrorists themselves. Terrorists also derive funding from a variety of criminal activities ranging in scale and sophistication from low-level crime to organized fraud or narcotics smuggling, kidnapping for ransom etc. Terrorists move their funds by using a wide variety of methods like financial sector, the physical movement of cash by couriers, charitable sector and alternative remittance systems (Hawala) etc. This proves that all the methods that exist to move money around the world are to some extent at risk. In this perspective, we have to disrupt the flow of funds which may be helpful not only to create a hostile environment for terrorists but to constraint their ability to execute attacks. Disrupting of terrorist financing may include the measures to stop the flow of funds or to put safeguards for the protection of financial system. As the finance serves like lifeline for every terrorist organization, therefore, termination of funds would lead to the ultimate destruction of the terrorist organization. A self-regulating facilitative legal framework coupled with “strong will “by the government as well as financial institutions is essentially required to combat the terrorist financing effectively. Although Pakistan has taken sufficient measures to overcome the menace of terrorism and it’s financing but the finance is still iii flowing into the hands of terrorists which is exposing serious threats to the security and stability of the state. Now the time has come and we have to take every possible measure, whether legal or preventive, to destroy the financial supply lines of terrorist networks. In this regard, all commercial laws relating to formal/informal financial systems are required to reviewed and harmonized by comparing them with the International Legal Initiatives/Standards
Gov't Doc #: 24386
Appears in Collections:PhD Thesis of All Public / Private Sector Universities / DAIs.

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