NEW DELHI — Pakistan is not doing enough to curb terrorism financing and money laundering, a global financial watchdog said Friday in a stern warning that reflects renewed scrutiny of the country’s links to militant groups.

The Financial Action Task Force, a watchdog based in Paris, hinted that Pakistan could face consequences — like being placed on the group’s blacklist — if it had not taken specific steps by May.

Even remaining on the watchdog’s gray list would have consequences, complicating Pakistan’s ability to raise money on international markets at a time when its economy is sputtering and it is in dire need of loans. A blacklisting could lead to sanctions by Western countries, including the United States.

The warning comes a week after India threatened to retaliate against Pakistan for a bombing that killed at least 40 Indian soldiers in Kashmir. The militant group that claimed responsibility, Jaish-e-Muhammad, or Army of Muhammad, operates in Pakistan, where it raises money under aliases, according to American and Indian officials.