Pakistan has enacted a law United Nations Security Council (Freezing and Seizure) Order, 2019.It was enacted in accordance with the provisions of Pakistan’s United Nations Security Council (UNSC) Act, 1948.It implements United Nations sanctions against individuals and organisation.
The objective of the order is that the government will take over the control of assets and properties of all banned outfits operating in Pakistan region.
The crackdown on the outfits came due to (a)Increase tensions with India after the Pulwama attack in which Pakistan based terrorist group was involved and (b)Pressure from Financial Action task force after it had put Pakistan on the watch list for providing support to terrorist groups.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 on the initiative of the G7.It is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in various areas. The FATF Secretariat is housed at the OECD headquarters in Paris.
The objectives of the FATF are to (a) set standards and promote effective implementation of legal, regulatory and operational measures (b) for combating money laundering (c)terrorist financing and (d) other related threats to the integrity of the international financial systems.