The main meeting of the Financial Action Task Force is scheduled for today in Paris. Measures to curb money laundering will be reviewed, a decision on Pakistan's removal from the gray list is expected.
The Virtual Meeting of the Financial Action Task Force begins today and will continue until October 23. Pakistan is meeting 27 targets of the Financial Action Task Force, with strong prospects of being removed from the gray list. Due to India's negative propaganda, Pakistan was included in the FATF gray list in June 2018.
Pakistan strictly adhered to the targets set by the FATF and took the toughest steps. Under the legislation, SBP permission must be obtained for carrying ڈالر 10,000 abroad. The sale and purchase of gold, jewels, precious stones and metals was also documented. If the value of any transaction exceeds Rs 2 million, it was made mandatory to submit an identity card.
The government abolished anonymous shareholders by making necessary amendments in the Companies Act. Anonymous bonds were canceled with the registration of prize bonds of Rs. 40,000 to curb money laundering and terrorist funding.
Pakistan arrested the leaders of banned organizations and registered cases and froze assets and accounts in accordance with UN guidelines. The NAB has been given the power to take action against those involved in money laundering. A strict law has also been passed to keep those involved in money laundering in custody for 180 days.
