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PTI govt. to adopt strict policy against use of cash couriers by businesses


Arhama AltafWeb Editor

31st Dec, 2019. 11:08 am
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Cash couriers

The Pakistan Tehreek-e-Insaf (PTI) government weighs over options to impose heavy penalties on the use of cash couriers by businesses across the country.

The move widely seen as a bid to curb cash laundering and terror financing on the recommendations of the Financial Action Task Force (FATF).

In October this year, the FATF had given Pakistan until February 2020 to improve its financial regime.

Its a multilateral financial task force mandated with curbing money laundering and terror financing,

In this regard, the group had also asked Pakistan to implement a 27-point financial reform agenda to improve laws against money laundering and terror financing.

The agenda issued at a previous meeting.

According to the details, the new presidential ordinance against cash couriers, will also cover penalties for non-compliance.

The Federal Board of Revenue (FBR) plans to impose penalties against the practice.

Restaurants and shopping malls refuse to install a software known as Point of Sale (POS) at their premises.

Thus, it increases their reliance on cash couriers, reports said.

“The upcoming ordinance will also include clauses related to government-FBR agreement on different points,” according to top official sources.

FBR Chairman Shabbar Zaidi also confirmed that the ordinance would be promulgated, probably in the ongoing week, for imposing penalties against cash couriers and making trader agreements effective.

The federal cabinet has also reportedly given the nod to the proposed ordinance.

It aims at complying with FATF requirements by moving against non–compliant through imposition of penalties.

Meanwhile, the FBR has given a December 31 deadline to big shopping malls and restaurants for installing the new POS software on their premises.

Pakistan receives FATF questionnaire comprising on 150 queries

Pakistan received a questionnaire from the Financial Action Task Force (FATF), comprising on 150 questions.

According to the details, the FATF has sent a set of questions to Islamabad.

They asked in details regarding the actions that have been taken to achieve the targets set by the intergovernmental organization.

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