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Charities Or Donations as a Source of Terrorism Financing: Why does Regulation Fail in Pakistan?
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Abstract
This comprehensive research analyses Pakistan's regulatory system for preventing terrorist funding and money laundering through charities/donations. The report discusses the regulatory environment, problems, empirical analysis, policy implications, innovative ideas, and a National Counter Terrorism Authority’s action plan. The report reveals an evolving regulatory framework that strives to satisfy global standards despite ongoing challenges. The integrity of Pakistan's economy and its national security are safeguarded by its regulatory framework, which consists of laws, agencies, and international cooperation. The nation's commitment to combating financial offenses has resulted in a sophisticated regulatory structure. However, the regulatory structure of Pakistan presents challenges and criticisms. Institutions that do not comply with AML and CTF regulations avoid prompt and severe punishment. The large informal sector makes monitoring the flow of funds and promoting illicit active it's difficult. Maintaining transparency in charitable organizations while permitting their authorized activity takes time and effort. The complex multi-agency regulatory environment requires improved coordination and simplification to ensure coordinated efforts. Our empirical investigation yielded qualitative data that reveal successes and areas for refinement. The increase in Suspicious Transaction Reports (STRs) related to charity and donations indicate a greater awareness of financial risk. Significant penalties and imprisonment terms demonstrate that regulatory enforcement holds offenders accountable. Audits of charitable organizations indicate an increase in financial transparency. Consistency in enforcement, the informal economy, and regulatory cooperation remain issues. The study has far-reaching policy implications, highlighting the need to close gaps in enforcement, embrace innovation, and collaborate. Technology, public participation, and international cooperation are required to combat the evolving landscape of financial crimes. In response to these issues, proposals are made for innovative technology adoption, public participation, regulatory changes, and international collaboration. These concepts necessitate transitioning from AI-driven threat prediction to block chain-based secure reporting systems, allowing various strategic options. Financial crime prevention requires unwavering commitment, ongoing education, and the willingness to experiment. Pakistan's commitment to the security of its financial system reflects its commitment to a safer, more secure global financial environment.
References
Aijaz, A., Shah, S. A., Aziz, M. A., & Khan, A. (2019). Challenges and opportunities in charitable giving in Pakistan. Journal of Public Administration and Governance, 9(3), 108-123.
Ahmed, K., & Romaniuk, S. N. (2021). Canada's counter-terrorism measures: Implications for human security, civil society, and charities. In Counter-terrorism and civil society.
Akram, M., Nasar, A., & Rehman, A. (n.d.). Misuse of charitable giving to finance violent extremism: A futuristic actions study amidst COVID-19 pandemic. Social Sciences & Humanities Open, 4(1), 100140.
Asghar, J., & Manzoor, R. (2022). Cyber bullying: Youth and mental health. Parliamentary Research Digest, 9(10), 19-23.
Asghar, R. J., Jimshaid, A., & Choudhary, A. I. (2015). Impact of business education on corporate social responsibility (CSR). IBT Journal of Business Studies (JBS), 2(2).
Asif, M., Pasha, M. A., Shafiq, S., & Craine, I. (2022). Economic impacts of post COVID-19. Inverge Journal of Social Sciences, 1(1), 56-65.
Asif, M., & Sandhu, M. S. (2023). Social Media Marketing Revolution in Pakistan: A Study of its Adoption and Impact on Business Performance. Journal of Business Insight and Innovation, 2(2), 67-77.
Asif, M., & Shaheen, A. (2022). Creating a High-Performance Workplace by the determination of Importance of Job Satisfaction, Employee Engagement, and Leadership. Journal of Business Insight and Innovation, 1(2), 9-15.
Bennett, T., Holloway, K., & Farrington, D. P. (2019). The effectiveness of property marking in reducing crime: A randomized controlled trial. Journal of Experimental Criminology, 15(4), 477-496.
Business Recorder. (2022). Pakistan amends AML laws to align with FATF requirements.
Carpenter, D. P., & Moss, D. A. (2014). Preventing regulatory capture: Special interest influence and how to limit it. Cambridge University Press.
Chase-Dunn, C., & Babones, S. J. (2006). Global social change: Historical and comparative perspectives. Johns Hopkins University Press.
Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches. Sage Publications.
Dishman, C. (2005). The leaderless nexus: When crime and terror converge. Studies in Conflict & Terrorism, 28(3), 237-252.
FATF. (2020). Pakistan: Mutual evaluation report.
Financial Monitoring Unit. (2010). Anti-Money Laundering Act, 2010, Act No. VII of 2010. Retrieved from https://www.fmu.gov.pk/docs/laws/Anti-Money%20Laundering%20Act%202010-As%20amended%20upto%20February%202016.pdf
Iqbal, R. (n.d.). Sources of terrorism financing in Pakistan and Pakistan’s efforts to stamp out those sources. Pakistan Journal of Terrorism Research, 3(1), 87-111.
Jamshed, J. (2020). Evaluation of charities laws in Pakistan with special emphasis on the Punjab Charities Ordinance 2018. 2020 J.L. & Soc. Pol'y, 27.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
Keck, M. E., & Sikkink, K. (1998). Activists beyond borders: Advocacy networks in international politics. Cornell University Press.
Keatinge, T., & Keen, F. (n.d.). Social media and (counter) terrorist finance: A fund-raising and disruption tool. In Islamic State’s online activity and responses.
Mukhtar, A. (n.d.). Money laundering, terror financing and FATF: Implications for Pakistan. JoCA, 3(1), 27-56.
Mushtaque, T., Tunio, M. N., ur Rehman, Z., & Asif, M. (2021). INFLUENCE OF ADMINISTRATIVE EXPERTISE OF HUMAN RESOURCE PRACTITIONERS ON THE JOB PERFORMANCE: MEDIATING ROLE OF ACHIEVEMENT MOTIVATION. International Journal of Management (IJM), 12(4).
NACTA. (2017). Safe charities list. Retrieved from https://nacta.gov.pk/safe-charities-list
NACTA. (2022). Revised National Action Plan – 2021. Retrieved from https://nacta.gov.pk/revised-national-action-plan-2021-2/
Nasrullah, M., Ahmad, A., Tariq, A., & Qadeer, F. (2021). Regulatory framework and its challenges: A case study of AML/CFT framework in Pakistan. Journal of Money Laundering Control, 24(1), 20-38.
Patomaki, H. (Ed.). (2023). The political economy of global security: War, future crises and changes in global governance. Routledge & CRC Press.
Rasheed, M. I., & Raza, S. A. (2020). Money laundering and its impact on the economy of Pakistan: An empirical investigation. International Journal of Economics, Commerce and Management, 8(6), 21-31.
Sanaa, A. (2020). Regulatory transgression? Drivers, aims and effects of money laundering and terrorism financing regulation in Pakistan (Doctoral dissertation). Osgoode Hall Law School of York University.
Securities and Exchange Commission of Pakistan. (2020). Guidelines for non-profit organizations (NPOs).
Securities and Exchange Commission of Pakistan. (2020). Enforcement report.
Shabbir, S., & Butt, A. A. (2020). The impact of informal economy on money laundering and its regulation in Pakistan. Journal of Finance and Economics, 8(3), 126-137.
Smith, J., Chatfield, A., & Pagnucco, R. (2019). Transnational social movements and global politics: Solidarity beyond the state. Bloomsbury Publishing.
Stigler, G. J. (1971). The theory of economic regulation. The Bell Journal of Economics and Management Science, 2(1), 3-21.
State Bank of Pakistan. (2019-2020). The state of Pakistan’s economy. Annual Report. Retrieved from https://www.sbp.org.pk/reports/annual/arFY20/Complete.pdf
State Bank of Pakistan. (2021). AML/CFT regulations and guidelines.
Varese, F. (2017). What is organised crime. Redefining organised crime: A challenge for the European Union, 27-56.
Venzke, I. (2009). Legal Contestation about Enemy Combatants-On the Exercise of Power in Legal Interpretation. J. Int'l L & Int'l Rel., 5, 155.
Walker, C. (2018). Terrorism financing and the governance of charities. The Palgrave handbook of criminal and terrorism financing law, 1085-1115.
Wallerstein, I. (1974). The modern world-system I: Capitalist agriculture and the origins of the European world-economy in the sixteenth century. Academic Press.
Winner, L. (1980). Do artifacts have politics? Daedalus, 109(1), 121-136.
Zia, M. A., Abbas, R. Z., & Arshed, N. (n.d.). Money laundering and terror financing: Issues and challenges in Pakistan. Journal of Money Laundering Control.
Inverge Consultancy
Title: Charities Or Donations as a Source of Terrorism Financing: Why does Regulation Fail in Pakistan?
Description:
Abstract
This comprehensive research analyses Pakistan's regulatory system for preventing terrorist funding and money laundering through charities/donations.
The report discusses the regulatory environment, problems, empirical analysis, policy implications, innovative ideas, and a National Counter Terrorism Authority’s action plan.
The report reveals an evolving regulatory framework that strives to satisfy global standards despite ongoing challenges.
The integrity of Pakistan's economy and its national security are safeguarded by its regulatory framework, which consists of laws, agencies, and international cooperation.
The nation's commitment to combating financial offenses has resulted in a sophisticated regulatory structure.
However, the regulatory structure of Pakistan presents challenges and criticisms.
Institutions that do not comply with AML and CTF regulations avoid prompt and severe punishment.
The large informal sector makes monitoring the flow of funds and promoting illicit active it's difficult.
Maintaining transparency in charitable organizations while permitting their authorized activity takes time and effort.
The complex multi-agency regulatory environment requires improved coordination and simplification to ensure coordinated efforts.
Our empirical investigation yielded qualitative data that reveal successes and areas for refinement.
The increase in Suspicious Transaction Reports (STRs) related to charity and donations indicate a greater awareness of financial risk.
Significant penalties and imprisonment terms demonstrate that regulatory enforcement holds offenders accountable.
Audits of charitable organizations indicate an increase in financial transparency.
Consistency in enforcement, the informal economy, and regulatory cooperation remain issues.
The study has far-reaching policy implications, highlighting the need to close gaps in enforcement, embrace innovation, and collaborate.
Technology, public participation, and international cooperation are required to combat the evolving landscape of financial crimes.
In response to these issues, proposals are made for innovative technology adoption, public participation, regulatory changes, and international collaboration.
These concepts necessitate transitioning from AI-driven threat prediction to block chain-based secure reporting systems, allowing various strategic options.
Financial crime prevention requires unwavering commitment, ongoing education, and the willingness to experiment.
Pakistan's commitment to the security of its financial system reflects its commitment to a safer, more secure global financial environment.
References
Aijaz, A.
, Shah, S.
A.
, Aziz, M.
A.
, & Khan, A.
(2019).
Challenges and opportunities in charitable giving in Pakistan.
Journal of Public Administration and Governance, 9(3), 108-123.
Ahmed, K.
, & Romaniuk, S.
N.
(2021).
Canada's counter-terrorism measures: Implications for human security, civil society, and charities.
In Counter-terrorism and civil society.
Akram, M.
, Nasar, A.
, & Rehman, A.
(n.
d.
).
Misuse of charitable giving to finance violent extremism: A futuristic actions study amidst COVID-19 pandemic.
Social Sciences & Humanities Open, 4(1), 100140.
Asghar, J.
, & Manzoor, R.
(2022).
Cyber bullying: Youth and mental health.
Parliamentary Research Digest, 9(10), 19-23.
Asghar, R.
J.
, Jimshaid, A.
, & Choudhary, A.
I.
(2015).
Impact of business education on corporate social responsibility (CSR).
IBT Journal of Business Studies (JBS), 2(2).
Asif, M.
, Pasha, M.
A.
, Shafiq, S.
, & Craine, I.
(2022).
Economic impacts of post COVID-19.
Inverge Journal of Social Sciences, 1(1), 56-65.
Asif, M.
, & Sandhu, M.
S.
(2023).
Social Media Marketing Revolution in Pakistan: A Study of its Adoption and Impact on Business Performance.
Journal of Business Insight and Innovation, 2(2), 67-77.
Asif, M.
, & Shaheen, A.
(2022).
Creating a High-Performance Workplace by the determination of Importance of Job Satisfaction, Employee Engagement, and Leadership.
Journal of Business Insight and Innovation, 1(2), 9-15.
Bennett, T.
, Holloway, K.
, & Farrington, D.
P.
(2019).
The effectiveness of property marking in reducing crime: A randomized controlled trial.
Journal of Experimental Criminology, 15(4), 477-496.
Business Recorder.
(2022).
Pakistan amends AML laws to align with FATF requirements.
Carpenter, D.
P.
, & Moss, D.
A.
(2014).
Preventing regulatory capture: Special interest influence and how to limit it.
Cambridge University Press.
Chase-Dunn, C.
, & Babones, S.
J.
(2006).
Global social change: Historical and comparative perspectives.
Johns Hopkins University Press.
Creswell, J.
W.
, & Creswell, J.
D.
(2017).
Research design: Qualitative, quantitative, and mixed methods approaches.
Sage Publications.
Dishman, C.
(2005).
The leaderless nexus: When crime and terror converge.
Studies in Conflict & Terrorism, 28(3), 237-252.
FATF.
(2020).
Pakistan: Mutual evaluation report.
Financial Monitoring Unit.
(2010).
Anti-Money Laundering Act, 2010, Act No.
VII of 2010.
Retrieved from https://www.
fmu.
gov.
pk/docs/laws/Anti-Money%20Laundering%20Act%202010-As%20amended%20upto%20February%202016.
pdf
Iqbal, R.
(n.
d.
).
Sources of terrorism financing in Pakistan and Pakistan’s efforts to stamp out those sources.
Pakistan Journal of Terrorism Research, 3(1), 87-111.
Jamshed, J.
(2020).
Evaluation of charities laws in Pakistan with special emphasis on the Punjab Charities Ordinance 2018.
2020 J.
L.
& Soc.
Pol'y, 27.
Kahneman, D.
, & Tversky, A.
(1979).
Prospect theory: An analysis of decision under risk.
Econometrica, 47(2), 263-291.
Keck, M.
E.
, & Sikkink, K.
(1998).
Activists beyond borders: Advocacy networks in international politics.
Cornell University Press.
Keatinge, T.
, & Keen, F.
(n.
d.
).
Social media and (counter) terrorist finance: A fund-raising and disruption tool.
In Islamic State’s online activity and responses.
Mukhtar, A.
(n.
d.
).
Money laundering, terror financing and FATF: Implications for Pakistan.
JoCA, 3(1), 27-56.
Mushtaque, T.
, Tunio, M.
N.
, ur Rehman, Z.
, & Asif, M.
(2021).
INFLUENCE OF ADMINISTRATIVE EXPERTISE OF HUMAN RESOURCE PRACTITIONERS ON THE JOB PERFORMANCE: MEDIATING ROLE OF ACHIEVEMENT MOTIVATION.
International Journal of Management (IJM), 12(4).
NACTA.
(2017).
Safe charities list.
Retrieved from https://nacta.
gov.
pk/safe-charities-list
NACTA.
(2022).
Revised National Action Plan – 2021.
Retrieved from https://nacta.
gov.
pk/revised-national-action-plan-2021-2/
Nasrullah, M.
, Ahmad, A.
, Tariq, A.
, & Qadeer, F.
(2021).
Regulatory framework and its challenges: A case study of AML/CFT framework in Pakistan.
Journal of Money Laundering Control, 24(1), 20-38.
Patomaki, H.
(Ed.
).
(2023).
The political economy of global security: War, future crises and changes in global governance.
Routledge & CRC Press.
Rasheed, M.
I.
, & Raza, S.
A.
(2020).
Money laundering and its impact on the economy of Pakistan: An empirical investigation.
International Journal of Economics, Commerce and Management, 8(6), 21-31.
Sanaa, A.
(2020).
Regulatory transgression? Drivers, aims and effects of money laundering and terrorism financing regulation in Pakistan (Doctoral dissertation).
Osgoode Hall Law School of York University.
Securities and Exchange Commission of Pakistan.
(2020).
Guidelines for non-profit organizations (NPOs).
Securities and Exchange Commission of Pakistan.
(2020).
Enforcement report.
Shabbir, S.
, & Butt, A.
A.
(2020).
The impact of informal economy on money laundering and its regulation in Pakistan.
Journal of Finance and Economics, 8(3), 126-137.
Smith, J.
, Chatfield, A.
, & Pagnucco, R.
(2019).
Transnational social movements and global politics: Solidarity beyond the state.
Bloomsbury Publishing.
Stigler, G.
J.
(1971).
The theory of economic regulation.
The Bell Journal of Economics and Management Science, 2(1), 3-21.
State Bank of Pakistan.
(2019-2020).
The state of Pakistan’s economy.
Annual Report.
Retrieved from https://www.
sbp.
org.
pk/reports/annual/arFY20/Complete.
pdf
State Bank of Pakistan.
(2021).
AML/CFT regulations and guidelines.
Varese, F.
(2017).
What is organised crime.
Redefining organised crime: A challenge for the European Union, 27-56.
Venzke, I.
(2009).
Legal Contestation about Enemy Combatants-On the Exercise of Power in Legal Interpretation.
J.
Int'l L & Int'l Rel.
, 5, 155.
Walker, C.
(2018).
Terrorism financing and the governance of charities.
The Palgrave handbook of criminal and terrorism financing law, 1085-1115.
Wallerstein, I.
(1974).
The modern world-system I: Capitalist agriculture and the origins of the European world-economy in the sixteenth century.
Academic Press.
Winner, L.
(1980).
Do artifacts have politics? Daedalus, 109(1), 121-136.
Zia, M.
A.
, Abbas, R.
Z.
, & Arshed, N.
(n.
d.
).
Money laundering and terror financing: Issues and challenges in Pakistan.
Journal of Money Laundering Control.
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