Latest news with #FATF
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems
The United Arab Emirates and the Palestinian Authority signed on Friday a cooperation agreement aimed at strengthening joint efforts to combat money laundering and enhance economic and regulatory frameworks. The agreement was reached during a bilateral meeting between Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the National Anti-Money Laundering Committee. Held at the Ministry of Economy's headquarters in Dubai, the meeting explored ways to deepen cooperation and exchange expertise in supervisory and regulatory policies. Discussions also covered global trends in financial crime and their impact on the stability of economic systems. According to the Emirates News Agency (WAM), both sides stressed the importance of aligning with international best practices and launching joint training initiatives to build specialized capacity. The goal is to enhance institutional readiness to address evolving financial crime threats and to reinforce investor confidence and financial integrity. Al Marri highlighted the UAE's strides in modernizing its legal and regulatory architecture to meet international anti-money laundering standards. He pointed to the country's recent achievements, including its removal from the Financial Action Task Force (FATF) grey list and the European Parliament's list of high-risk jurisdictions. The minister reaffirmed the UAE's commitment to sharing its experience with the Palestinian Authority to help bolster its economic security and advance its financial oversight systems. The meeting also showcased the UAE's National Economic Register project, known as 'Namo,' which provides a unified, reliable digital database of all commercial licenses across the country. Officials discussed efforts to standardize procedures for identifying beneficial ownership and to boost oversight of designated non-financial businesses and professions, including real estate brokers, precious metals dealers, accountants, and corporate service providers. Both parties agreed to continue coordination and knowledge-sharing in this critical sector, emphasizing the importance of building sustainable economic systems and fostering stronger bilateral cooperation in transparency, governance, and financial integration.
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First Post
2 days ago
- Business
- First Post
Pakistan confers key honour on US CentCom chief who praised its counterterror role
US CENTCOM chief General Michael Kurilla has been awarded Pakistan's top military honour, the Nishan-e-Imtiaz (Military), by President Asif Ali Zardari, signalling Islamabad's intent to strengthen defence ties with Washington amid growing geopolitical and financial pressures. read more US Central Command (CENTCOM) chief General Michael Kurilla has been awarded the Nishan-e-Imtiaz (Military), one of Pakistan's highest state honours, by President Asif Ali Zardari, in a move seen as a signal of Islamabad's commitment to its defence ties with Washington. The award was presented during a high-profile ceremony at the Presidential Palace in Islamabad, where Kurilla was also given a Tri-Services Guard of Honour. The Pakistani government cited Kurilla's contributions to regional peace, counterterrorism, and efforts to strengthen strategic military cooperation between Pakistan and the US. STORY CONTINUES BELOW THIS AD State broadcaster Radio Pakistan noted the honour recognised Kurilla's 'outstanding role in regional security and defence ties.' His visit included meetings with key military and political figures, including President Zardari and Army Chief General Asim Munir, focusing on defence cooperation and counterterrorism strategies. The development comes just over a month after Kurilla praised Pakistan as a 'phenomenal partner' in counterterrorism, remarks made even as India stepped up diplomatic efforts to highlight Pakistan's record on terror financing, particularly after the Pahalgam terror attack. Diplomatic sources say the gesture is part of Pakistan's broader effort to maintain strategic balance between the US and China, and to rebuild goodwill in Washington amid ongoing concerns related to the Financial Action Task Force (FATF). Pakistan was removed from FATF's grey list in 2022, but scrutiny remains, especially from countries like India, which continues to press for action over Islamabad's alleged inaction on terror networks. The US, a founding member of FATF, plays a key role in shaping its policies. Pakistan's outreach, through high-profile honours and military cooperation, is seen as an attempt to maintain favour with Washington, especially amid its economic dependence on IMF bailouts and lingering FATF-related challenges. 'Pakistan is sending a subtle message—it may be close to China, but it still values its ties with the US,' a diplomatic source said to Hindustan Times, adding that CENTCOM's role remains central to America's post-Afghanistan military strategy in the region.
News18
2 days ago
- Business
- News18
Pakistan Shows Loyalty To US Amid FATF Concerns, Bestows Highest State Honour On CENTCOM Chief
Last Updated: Pakistan has awarded US Central Command chief General Michael Kurilla with Nishan-e-Imtiaz, in an attempt to show loyalty to the United States amid FATF grey listing concerns. In a move showing its loyalty towards the United States amid brewing FATF concerns, Pakistan awarded Nishan-e-Imtiaz (Military), one of the country's highest state honours, to US Central Command (USCENTCOM) chief General Michael Kurilla. In a high-profile ceremony at the Presidential Palace in Islamabad, Pakistani President Asif Ali Zardari conferred the award on Kurilla for his role in promoting regional peace and enhancing US-Pakistan military ties, a symbolic and strategic signal to Washington. General Kurilla held extended meetings with Pakistan's top civil and military brass, including President Zardari and COAS Field Marshal Gen. Asim Munir, discussing regional peace, defence cooperation, and counterterrorism strategies. According to diplomatic sources, by conferring the highest military honour, Pakistan is showing loyalty and alignment with the US defence establishment. Pakistan's gesture comes in the ongoing IMF dependency and FATF legacy concerns, where it was placed in the grey list in June 2018 and removed in October 2022. The US is one of the original founding members of the Financial Action Task Force (FATF), established in 1989. America plays a significant role in shaping FATF's policies, standards, and country reviews, especially on matters of terror financing and proliferation. India has intensified its diplomatic efforts to pressure FATF to reverse Pakistan's exit from the grey list, citing the neighbour's ongoing failures in curbing terror financing after the Pahalgam terror attack. Pakistan's gesture of awarding the USCENTCOM helps rebuild its image with Washington and will help financial goodwill via back channels, sources said. 'Pakistan is playing a double side as on one side they are dependent on China, Islamabad is sending subtle signals that it's not entirely dependent on China now," they added. CENTCOM remains crucial for post-Afghan regional military strategy for the US after its exit from the country in 2021. Pakistan is reasserting its role as a logistics and intelligence partner for the US in the AfPak–West Asia corridor – which refers to a set of proposed and evolving transport and trade corridors connecting Afghanistan, Pakistan, and the broader West Asia region. 'Pakistan's military views CENTCOM ties as a key source of legitimacy, training, arms, and prestige and awarding Kurilla helps its purpose," sources said. view comments First Published: July 27, 2025, 08:20 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
3 days ago
- Business
- Time of India
Rubio meets Pak foreign minister: Talks focus on trade, Iran ties; counterterrorism dialogue in August
Picture source: X/Marc US Secretary of state Marco Rubio met Pakistan 's deputy prime minister and foreign minister Ishaq Dar on Friday, with both sides discussing trade, security, and regional diplomacy. According to the state department, Rubio appreciated Pakistan's efforts in maintaining dialogue with Iran and contributing to regional stability. The meeting reportedly also touched upon 'counterterrorism cooperation', especially in light of growing threats from ISIS-K. A formal counterterrorism dialogue is set to happen in Islamabad this August. Economic ties also featured in the conversation. Washington said it was exploring ways to boost bilateral trade in areas like critical minerals and mining sectors seen as increasingly important in global supply chains. Pakistan has long walked a tightrope when it comes to global counterterrorism efforts. While the country was removed from the Financial Action Task Force (FATF) grey list in 2022, several terror outfits with global reach have been known to operate from Pakistani soil.
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Business Standard
5 days ago
- Business
- Business Standard
India's BFSI sector sees hiring boom in fraud, KYC and compliance roles
As financial regulations tighten globally, India's banking and financial services (BFSI) sector is witnessing a steady rise in demand for professionals in financial crime (FinCrime) roles. According to a July 2025 report by talent solutions provider firm Careernet, India now hosts an active FinCrime talent pool of 25,543 professionals, with skills spanning anti-money laundering, sanctions compliance, and fraud prevention. This demand stems largely from global compliance requirements, including those driven by regulatory bodies such as the Financial Action Task Force (FATF) and the Office of Foreign Assets Control (OFAC), the report mentioned. Meanwhile, Global Capability Centres (GCCs) and Indian banks are investing in teams to strengthen their defences against fraud, corruption, and illicit financial activity. Which cities dominate India's FinCrime talent market? Bengaluru remains the largest Financial Crime (FinCrime) talent hub in the country, accounting for nearly one-third (32 per cent) of the active workforce. Delhi-NCR and Hyderabad follow with 17 per cent each. Chennai contributes 12 per cent, while Mumbai and Pune account for 7 per cent and 6 per cent respectively. The remaining 9 per cent of talent is spread across Tier-II and smaller cities, the Careernet report noted. City-wise trends vary by experience. Bengaluru leads across both mid-level (3–10 years) and senior (10–20 years) experience bands. Delhi-NCR holds a strong position in the mid-level segment, while Chennai saw greater representation at the senior level. Hyderabad shows balanced growth in both bands. What roles make up the FinCrime workforce? The largest portion of the FinCrime workforce (58 per cent) is engaged in Know Your Customer (KYC), Customer Due Diligence (CDD), and monitoring activities. These roles support customer onboarding, risk assessment, and anti-money laundering compliance. Jobs related to Fraud Control and Regulatory Compliance accounts for 22 per cent of the BFSI workforce, while sanctions-focused roles make up the remaining 20 per cent. These roles are more specialised, involving global sanctions screening and escalation management. Which sectors are driving hiring in FinCrime? Offshoring operations make up the largest share of FinCrime talent at 36 per cent, especially in mid-level roles. GCC banks follow with 25 per cent, offering the deepest bench at senior levels. Indian banks and financial services firms contribute 11 per cent each, while Big-4 and consulting firms account for 10 per cent. The remaining 7 per cent includes professionals from NBFCs, fintech companies, small finance banks, and BPOs. 'India is becoming central to how global organisations build FinCrime capabilities, thanks to our extensive talent pool, deep domain expertise, and the ability to scale cost-effectively. Nearly half of all organisations are impacted by financial or economic fraud every year, and the nature of these threats is only becoming more complex,' said Neelabh Shukla, chief business officer, Careernet. What does gender representation look like in FinCrime roles? While mid-level FinCrime roles (3–10 years) showed higher gender diversity across sectors, particularly within GCCs, offshoring units, and consulting firms, female representation drops notably at the senior level (10–20 years). Financial services and Big 4 firms continue to show stronger gender parity at leadership levels compared to other sectors, the report said. What are the emerging trends in India's FinCrime landscape? The Careernet report also indicated a shift in hiring trends towards specialised compliance expertise. Sanctions professionals are heavily concentrated within GCC banks, while Fraud Control specialists are mostly based in Bengaluru. With growing demand for regulatory alignment and operational transparency, FinCrime hiring is expected to remain steady across metros and key industry verticals.
