Another condition of the Financial Action Task Force (FATF) has been met. The government decided to discontinue 15,000 and 7,500 bonds.
According to the details, the federal government has decided to scrap 15,000 and 7,500 bonds. Investors have till June 2021 to cash 15,000 bonds.
Fifteen thousand prize bonds will be considered trash from July 1. There will be no lottery for 15,000 bonds.
The deadline for investors to cash 7500 bonds is December 2021.
More read: Prize bond Schedule 2021
Bonds can also be deposited in the bank and buy savings certificates. The government has cancelled 25,000 and 40,000 bonds to curb corruption and money laundering.
Reward bonds worth Rs 126 billion worth Rs 7500 are in circulation in the country. Reward bonds worth Rs 15,000 worth Rs 190 billion are in circulation in the country.
According to the notification issued by the Ministry of Finance, the money will be transferred back to the account.
Note that the State Bank of Pakistan had terminated 40,000 bonds in March 2020. The move was aimed at cracking down on black money bond buyers and documenting the economy.
The Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list, for now, however, it appreciated the reforms it carried out.
In October 2020, the FATF President Marcus Pleyer said while talking to the media via video link, “The plenary has decided to keep Pakistan in ‘grey list’ until February 2021 despite the country has successfully complied with 21 out of 27 points of action.”
Pakistan’s progress was reviewed by the global watchdog on the 27-point action plan for addressing terror financing and anti-money laundering.
“Pakistan has to do more. To date, Pakistan has made progress across all action plan items and has now largely addressed. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021,” said the President.
When asked if Pakistan remains on the blacklist or not, Marcus Pleyer said,
“Let me clear, Pakistan is on the grey list, the country has made great progress and the government has cooperated too. We hope by our next deadline they would address the remaining six points of action.”
In the wake of the FATF conclusion, Hammad Azhar, the Federal Minister of Industries and Production, took to Twitter and highlighted Pakistan’s achievement.