Paris: A virtual meeting of the Financial Action Task Force (FATF) will be held in Paris on Friday. The meeting will review Islamabad’s anti-money laundering measures and decide whether Pakistan will include them on the “gray list”.
The three-day FATF meeting ended today. Pakistan has shown 26 targets out of the 27 targets set by the Anti-Money Laundering Task Force and hopes to remove them from the gray list. Due to India’s negative publicity, Pakistan was included in the FATF grey list in June 2018.
Pakistan strictly abides by the goals set by the task force and has taken difficult steps. According to the new regulations, SBP permits must be obtained to bring 10,000 US dollars abroad, and the sale of gold, jewelry, gems and metals will also be recorded.
If the amount of any transaction exceeds Rs 2 million, a copy of the national ID must now be submitted. 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, has registered cases and frozen assets and accounts. The National Accountability Bureau (NAB) has the right to take action against persons involved in money laundering activities.