Pakistan has submitted the progress report to Financial Action Task Forces (FATF), over which, FATF has expressed its satisfaction over Pakistan’s measures and strict implementation of laws for curbing money laundering.
After the submission of Pakistan’s report, Indian lobby’s conspiracy in the FATF’s APG for downgrading Pakistan to the blacklist has been failed.
FATF has approved third evaluation report of Pakistan.
Conducted in Canberra, Australia, the Asia-Pacific Group evaluated Pakistan’s possible exit from the grey list of the FATF by the mid of October.
Yesterday, the Pakistani delegation, headed by Governor of the State Bank of Pakistan Reza Baqir, briefed the FATF’s APG that the country has formulated and implemented strict laws to curb money laundering in compliance with its 16 recommendations.
The Pakistani delegation also held sideline meetings to comprehensively explain members of the Asia Pacific Group. The regional affiliate of the international money-laundering watchdog FATF, about implementation of its action plan in the country.
It was told about Pakistan’s legislation, including imposition of heavy fines and sentences for convicts in combating money laundering.
The members were told that all travelers within Pakistan have been forbidden from carrying more than $10,000 under the new rules except with the permission from the State Bank of Pakistan.
The FATF’s APG has also been told that the state has restricted international travelers from carrying $10,000 or above i.e. they would be required to use proper banking channels for the transfer of the amount.
Importantly, the delegation brought the APG up to date that SBP had directed all commercial banks in Pakistan to discontinue Rs.40,000 national prize bonds.
The government had decided to freeze sales of these instruments after it was alleged that huge amounts of black money was used to buy these bonds as they also offer prize money worth millions.
Analysts have termed implementation on FATF’s recommendations ‘necessary’ if Pakistan were to get the next installment of the International Monetary Fund (IMF).