PARIS: The Financial Action Task Force (FATF) virtual meeting is on Friday ongoing in Paris to review Islamabad’s anti-money laundering measures and to decide whether Pakistan will stay on its Grey List.
The three-day FATF session ends today. Pakistan has shown progress on 26 targets out of 27 set by the FATF and there are strong prospects of it being removed from the Grey List. Pakistan was included in the FATF grey list in June 2018 due to negative propaganda of India.
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 also abolished anonymous shareholders category by making necessary amendments in the Companies Act.
Pakistan arrested the leaders of banned organizations, registered cases and froze assets and accounts in accordance with the UN guidelines. The National Accountability Bureau (NAB) was empowered to take action against those involved in money laundering.