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Time of India
21-06-2025
- Business
- Time of India
FATF flags Pakistan bid to ship in missile gear from China on sly
(AI image created using ChatGPT) NEW DELHI: A new report by Financial Action Task Force has flagged Pakistan's attempts to procure equipment for its missile programme by mislabeling shipment, drawing attention to the country's failure in implementing measures to combat financing of proliferation of weapons of mass destruction, which is one of the recommendations of the global watchdog. The report not only reveals that critical components for ballistic missiles originating from China were mislabeled in documents but also links the importer to Pakistan's National Development Complex which handles missile production. India is likely to use the revelations in its dossier to make another push for Pakistan's return to the FATF 'grey list' which identifies countries with weaknesses in their anti-money laundering and terror financing systems. These countries are subjected to closer monitoring and must demonstrate progress on corrective action plans. Pakistan has been on the list three times with the most recent sanction of 2018 lifted in 2022. In Feb 2020, a Chinese vessel named 'Da Cui Yun', which was en route to Port Qasim in Karachi, was intercepted at Gujarat's Kandla port. While the equipment was seized, the ship and its crew were allowed to leave after investigation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo In its latest report titled 'Complex Proliferation Financing and Sanctions Evasion Schemes', FATF refers to the investigation by Indian Customs. "Indian authorities confirmed that documents mis-declared the shipment's dual-use items. Indian investigators certified the items for shipment to be 'autoclaves', which are used for sensitive high energy materials and for insulation and chemical coating of missile motors," it read. "The sensitive items are included in dual-use export control lists of the Missile Technology Control Regime, India, and other jurisdictions. The Bill of Loading of the seized cargo provided evidence of the link between the importer and National Development Complex," it added. FATF may release the report next month amid hopes in India that it would expose Pakistan's inadequacies in combating terror financing - something which could potentially result in the country being placed under enhanced monitoring, and being returned to 'grey list'. This move would subject Pakistan to increased financial scrutiny, impacting foreign investment and capital inflows. India has been pushing for Pakistan's return to the list, citing its brazen support for terrorism and failure to comply with FATF norms.
Time of India
21-06-2025
- Business
- Time of India
'Involved in development of ballistic missiles': FATF calls out Pakistan for flouting norms; India may use dossier to push for sanctions
A new report from the Financial Action Task Force (FATF) has cited a case involving Pakistan's missile development programme, referencing a shipment seized by Indian customs officials in 2020 that was bound for Port Qasim in Karachi. Tired of too many ads? go ad free now The FATF case study outlines how dual-use goods, including equipment critical for ballistic missile technology, were mis-declared in export documents and linked directly to Pakistan's National Development Complex, which is known to be involved in the development of long-range ballistic missiles. The FATF report reveals that Indian investigators intercepted a cargo ship falsely declaring autoclaves, equipment used for high-energy materials and missile motor components. 'The Bill of Lading of the seized cargo provided evidence of the link between the importer and the National Development Complex,' the report noted. This latest disclosure comes as FATF increases its scrutiny of state-sponsored terrorism, particularly following the April 22 terror attack in Pahalgam, Kashmir, which left 26 dead. In a public condemnation, FATF said: 'This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters.' As per PTI sources, India is likely to use this FATF disclosure in its dossier to push for Pakistan's return to the FATF grey list. The upcoming Asia Pacific Group meeting in August and the FATF plenary in October may see renewed calls for sanctions or monitoring. According to officials cited by PTI, the inclusion of 'state-sponsored terrorism' in the FATF's upcoming analysis marks a significant step in acknowledging Pakistan's involvement in funding and facilitating terror operations. Tired of too many ads? go ad free now The incident flagged by FATF, which occurred in February 2020 at Kandla port, saw authorities act on intelligence regarding a suspicious Hong Kong-flagged ship, Da Cui Yun, that had departed from China's Jiangyin port, TOI had reported. Officials seized a massive pressure chamber described as a pipe-like object, 35-40 feet in length, now confirmed to have potential ballistic missile applications. Experts from the Defence Research and Development Organisation (DRDO) joined a high-level investigation into the cargo, amid tight-lipped responses from customs due to the national security implications. Also read: The FATF report also highlighted the growing global risk from proliferation financing (PF), especially concerning state and non-state actors acquiring dual-use technologies for weapons of mass destruction (WMD). 'The proliferation of weapons of mass destruction and related financing represents a significant threat to global security and the integrity of the international financial system,' the report warns, adding that failure to implement effective controls could allow actors to exploit weaknesses in global export and financial systems.
