Statement by Ambassador Masood Khan, Permanent Representative of Pakistan to the United Nations, on “the Importance of the Global Network in Suppressing the Financing of Terrorism” in the Special Meeting of the Counter Terrorism Committee (New York, 20 November 2012)

Mr. Moderator, Distinguished Delegates,

We congratulate the Counter Terrorism Committee for holding this special meeting on ‘preventing and suppressing terrorist financing’. We also commend Mike Smith, Executive Director CTED and his team for their hard work and leadership.

The legal framework for the global networking for countering the financing of terrorism (CFT) is based on the International Convention for the Suppression of the Financing of Terrorism of 1999 and the Security Council resolution 1373. Article 18 of the Convention had not only set forth various forms of the CFT but also the importance of global cooperation in this area. It encouraged better communication and the exchange of information between different jurisdictions.

In spite of the above legal and normative framework, the following issues still need to be resolved for an effective and efficient global cooperation in this field.

Pakistan is fully committed to countering financing of terrorism. Pakistan is a party to the UN Convention for the Suppression of the Financing of Terrorism; and has enacted a landmark Anti-Money Laundering Law. The Financial Intelligence Unit of the State Bank of Pakistan is active in monitoring suspicious financial transactions. Hundreds of bank accounts totaling Rs. 751 million have been frozen. We are implementing comprehensive international standards embodied in the recently modified recommendations of the Financial Action Task Force.

Pakistan is an active member of the Asia-Pacific Group on Money Laundering. We recently hosted in Islamabad a Ministerial meeting to devise strategies to deal with the increasing threat of financing of terrorism through the proceeds of illicit narcotics, their production and trafficking.

I have outlined a few challenges which need to be overcome by adopting a global approach towards the financing of terrorism. In conclusion, I must also appreciate that it is due to international legal system’s CFT regulations today that the flow of terrorists’ funds gets noticed. It is hard for terrorists to raise money today and harder for them to transfer it anywhere. Today, banks are more conscious of customer due diligence. Security agencies are more efficient in monitoring terrorists’ financial transactions. There is no room for complacency but these few successes are a matter of satisfaction for the international community and lay a sound foundation for more work to suppress financing of terrorism.

Thank you.