Islamabad: The Financial Action Task Force (FATF) begins on Wednesday its three-day virtual meeting to review anti-money laundering measures and to decide whether Pakistan will stay on its Grey List.
According to detailed information, Pakistan is achieving the 27 goals of the Financial Action Task Force, and Pakistan has great prospects to be excluded from the gray list. Due to India’s negative publicity, Pakistan was included in the FATF grey list in June 2018.
Pakistan strictly adhered to the targets set by the FATF and took the tough steps. Under the new legislation, SBP permission must be obtained for carrying $10,000 abroad while the sale and purchase of gold, jewels, precious stones and metals will also be documented. If the value of any transaction exceeds Rs2 million, it is now made mandatory to submit a copy of national identity card.
The government has also made necessary changes to the “Company Law” to abolish the category of anonymous shareholders.
Pakistan has arrested leaders of prohibited organizations in accordance with United Nations guidelines, registered cases and frozen assets and accounts. NAB is authorized to take action against people involved in money laundering.