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FATF keeps Pak on grey list, says it has shown no understanding of terror financing

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FATF keeps Pak on grey list, says it has shown no understanding of terror financing

[vc_row][vc_column][vc_column_text]Condemning Pulwama terror attack, terror financing watchdog Financial Action Task Force (FATF) said Pakistan has shown no understanding of  funding of terrorist outfits like Jaish-e-Mohammad (JeM) and Lashkar-e-Taiba (LeT) and decided to keep Pakistan on its ‘grey list’ till October.

India had made a strong push to ensure that Islamabad is not taken off the list, in the light of the Pulwama terror attack. Pakistan, however, managed to escape getting into the ‘black list’.

Earlier this week, France said they were pushing FATF to keep Pakistan on the grey list, given its non-compliance with FATF rules, but also as a move after the Pulwama attack. Pakistani officials tried hard to get off the grey list, insisting they were in compliance.

Pakistan’s inclusion on the list keeps international pressure on Pakistan to clean up its act on terror support and terror financing. It makes it harder for its government to access international markets at a time when the economy is stumbling. While there are no direct legal implications, it brings extra scrutiny from regulators and financial institutions that can chill trade and investment.

The Paris-based FATF noted that Pakistan has made only “limited progress” on curbing money laundering and terrorism financing, failing to show a proper understanding of the risks posed by JuD, LeT, JeM and others.

High alert at Mumbai Railway stations after LeT terror threat inputs

The remarks came at the FATF’s plenary meeting in Paris that was held in the backdrop of the Pulwama terror attack, in which 40 CRPF personnel were killed last week.

Expressing grave concern over the violent terrorist attack, the 38-member watchdog said it could not have occurred without money and the means to move funds between terrorist supporters.

The FATF said Pakistan should continue to work on implementing its action plan to address its strategic deficiencies, including by adequately demonstrating its proper understanding of the terror financing risks posed by the terrorist groups and conducting supervision on a risk-sensitive basis.

“Pakistan has revised its TF (terror financing) risk assessment. However, it does not demonstrate a proper understanding of the TF risks posed by Da’esh (ISIS), AL-Qaida, JuD (Jamat-ud-Dawa), FIF (Falah-e-Insaniat Foundation), LeT (Lashkar-e-Taiba), JeM (Jaish-e-Mohammad), HQN (Haqqani Network) and persons affiliated with the Taliban,” the statement said.

“Given the limited progress on action plan items … the FATF urges Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019,” the FATF said in a statement.

Ensure Kashmiris are not boycotted or attacked, Supreme Court orders states

Pakistan had to demonstrate compliance on five counts by February, but there has been negligible movement by Islamabad. It needed to show sanctions were being applied in cases of money laundering and terrorism financing, demonstrate better cooperation between authorities identifying illegal money flows, and enhance support for prosecutors, among other measures, the FATF said.

As a last minute gesture, Pakistan reinstated the bans on Falah-i-Insaniyat and Jamaat-ud-Dawa, two front organisations of the Lashkar-e-Taiba. These organisations had been banned by a presidential ordinance by the former Nawaz Sharif government, but the ordinance was allowed to lapse by the Imran Khan government.

India had been pressing the FATF to put Pakistan on the blacklist and had submitted a dossier to the watchdog, making a strong case against Pakistan’s non-compliance in curbing terror funding.

Pakistan is already in the grey list and has time till October to avoid being blacklisted, technically referred to as countries under ‘high-risk and other monitored jurisdiction.’ Iran and North Korea are currently blacklisted.

In June 2018, Pakistan made a high-level political commitment to work with the FATF and the Asia Pacific Group to address its strategic counter-terrorist financing-related deficiencies.

Two suspected terrorists of Jaish-e-Mohammed group arrested from UP’s Deoband

To avoid being blacklisted in October this year, it had committed that “law enforcement agencies are identifying and investigating the widest range of terror funding activities and that terror funding investigations and prosecutions target designated persons and entities, and persons and entities acting on behalf of or at the direction of the designated persons or entities.”

India had informed the FATF that Pakistan is falling short of its commitments drastically as the proscribed terror outfits and individuals continue to act from its territory and bleed India.

China yields, UNSC statement names Jaish-e-Mohammad in condemning Pulwama attack

When Pakistan was put under the grey list last year, its all-weather friend China and Saudi Arabia, which has an observer status at the FATF, refused to shield it. India is hoping that it can ultimately build enough pressure to push for Pakistan’s blacklisting later this year. The blacklisting will prevent institutions like IMF from financially supporting Pakistan that it can ill-afford at this time.

On Thursday night, the United Nations Security Council (UNSC) had strongly condemned the Pulwama attack and, signalling a clear shift, China signed off on a UNSC statement that “condemned in the strongest terms” the Pulwama terror attack and named Pakistan-based JeM for the “heinous and cowardly suicide bombing”.[/vc_column_text][/vc_column][/vc_row]

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Nvidia CEO Jensen Huang resigns amid affair scandal, Colette Kress takes over

Nvidia CEO Jensen Huang has resigned amid an affair-related controversy. The company’s CFO, Colette Kress, will serve as interim CEO while the board looks for a permanent successor.

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colette kress

Nvidia CEO Jensen Huang has resigned from his position, marking a major leadership change at the world’s leading artificial intelligence chipmaker. The company’s board has appointed Chief Financial Officer Colette Kress as interim CEO while it begins the process of finding a permanent successor.

The development comes amid controversy surrounding reports of Huang’s alleged extramarital relationships, including one involving a Chinese businesswoman suspected by US authorities of having links to espionage activities.

Huang’s departure comes after more than three decades at the helm of Nvidia, the company he co-founded in 1993. His leadership helped transform the business from a graphics chip manufacturer into a dominant supplier of processors powering the global artificial intelligence industry.

Colette Kress appointed interim Nvidia CEO

Following Huang’s resignation, Nvidia’s board appointed Colette Kress as interim chief executive officer.

Kress, who has served as Nvidia’s executive vice president and CFO since September 2013, will continue to hold the finance portfolio alongside her interim leadership responsibilities until a permanent successor is appointed.

Before joining Nvidia, she spent nearly 25 years working in finance roles at major technology companies, including Cisco and Microsoft.

The board has said it will consider both internal and external candidates as part of its search for a permanent CEO.

Nvidia has also appointed Harvey C. Jones as the company’s first-ever chairman of the board.

Affair controversy surrounding Jensen Huang

Huang’s resignation follows a series of reports about alleged extramarital relationships that have raised questions about his position at the company.

One of the controversies involves Alice Huang, a Chinese businesswoman whom US intelligence agencies reportedly suspect of involvement in facilitating shipments of Nvidia chips to Chinese companies.

Another report alleged that Huang had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reportedly worked under him.

Huang had earlier acknowledged being unfaithful to his wife in a message to Nvidia employees, taking responsibility for his actions and apologising to his family and colleagues.

The company’s board had also initiated an independent investigation into whether Huang had been targeted as part of a foreign intelligence operation.

Jensen Huang’s departure marks a major change for Nvidia

Huang co-founded Nvidia in 1993 alongside Curtis Priem and Chris Malachowsky. Under his leadership, the company evolved from a graphics processing unit manufacturer primarily associated with gaming into a central player in the global AI industry.

Nvidia’s processors have become critical to companies developing and operating artificial intelligence systems, making the company one of the most influential businesses in the technology sector.

His departure also comes at a crucial time for Nvidia, with investors closely watching the company’s leadership transition and its ability to maintain its position in the rapidly expanding AI market.

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India, Canada discuss trade pact to boost bilateral commerce

India and Canada discussed advancing negotiations on a proposed Comprehensive Economic Partnership Agreement aimed at expanding trade, investment and market access between the two countries.

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India canada trade pacts

India and Canada discussed advancing negotiations on a proposed trade agreement as the two countries seek to strengthen their economic and commercial ties.

Commerce and Industry Minister Piyush Goyal met Canada’s Minister of International Trade Maninder Sidhu, who is leading a Canadian delegation to India. The discussions focused on advancing negotiations for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA).

The proposed pact is aimed at creating greater market access and opening up new opportunities for trade and investment between the two countries.

India-Canada CEPA talks

Both sides discussed the importance of a balanced and mutually beneficial agreement that can make use of the complementary strengths of the two economies.

The discussions also focused on deepening commercial engagement and creating new opportunities for businesses in both countries.

Goyal said the two sides reaffirmed their commitment to taking the India-Canada economic partnership to a higher level, with CEPA serving as a catalyst for deeper commercial engagement.

India and Canada are working towards concluding the CEPA negotiations by the end of 2026.

India-Canada trade

The proposed CEPA is aimed at improving market access and creating opportunities across sectors while strengthening the broader economic relationship between India and Canada.

The agreement is expected to provide greater opportunities for businesses in both countries and support deeper trade and investment ties.

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White House put on temporary lockdown after car crashes into signpost

The White House was temporarily placed under lockdown after a car crashed into a signpost near Lafayette Square in Washington, DC. The driver was detained after a confrontation with security personnel.

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The White House was placed under a temporary lockdown on Monday after a car crashed into a signpost at Lafayette Square near the presidential residence in Washington, DC.

The incident triggered a security response in the area, with the US Secret Service directing members of the White House press corps to move indoors and remain there temporarily.

Driver detained after confrontation with security personnel

The driver was detained following a confrontation with Secret Service officers and National Guard personnel, according to reports.

Video footage showed a silver sedan on the paved area at the northern end of Lafayette Square after striking a signpost. Smoke was also seen coming from the vehicle.

Authorities had not immediately disclosed the driver’s identity or established what led to the crash.

White House security restrictions imposed

The security response prompted temporary restrictions around the White House. The incident occurred at Lafayette Square, which is directly across Pennsylvania Avenue from the presidential complex.

At around 10 am local time, Secret Service personnel instructed White House journalists to move indoors while security personnel dealt with the incident.

The White House was under the security restriction while President Donald Trump was at the premises, according to reports.

Motive behind crash remains unclear

It was not immediately known whether the crash was accidental or deliberate. Authorities had also not immediately confirmed whether anyone was injured.

The circumstances surrounding the incident, including the driver’s identity and possible motive, remained under investigation.

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