UNITED NATIONS: Pakistan on Tuesday stressed the importance of global efforts to cut off funding for terrorism, saying more work was needed to combat the scourge.

Speaking during a discussion in a special meeting of the Security Counci's Counter-Terrorism Committee (CTC), Ambassador Masood Khan, the permanent representative of Pakistan to the UN, said that his country was fully committed to countering terrorism financing.

Pakistan, a party to the UN Convention for Suppression of the Financing of Terrorism, had enacted a landmark anti-money laundering law, he said.

The Financial Intelligence Unit of the State Bank of Pakistan was active in monitoring suspicious financial transactions, and hundreds of bank accounts totaling Rs. 751 million had been frozen.

“We are implementing comprehensive international standards embodied in the recently modified recommendations of the Financial Action Task Force (FATF),” the Pakistani envoy added.

The meeting, held at UN Headquarters in New York, was designed to assess current trends and challenges in countering terrorist financing and the need for a global approach.

The resolution called for all countries to criminalize terrorism, to deny terrorists access to financial resources, and to prevent terrorists from crossing borders, among other measures.

“Today, banks are more conscious of customer due diligence. Security agencies are more efficient in monitoring terrorists' financial transactions,” he said.

“There is no room for complacency but these few successes are a matter of satisfaction for the international community and lay a sound foundation for more work to suppress financing of terrorism,” said the Pakistani envoy.