ISLAMABAD – The Financial Action Task Force (FATF) has put forward new setof demands before Pakistan government for strict compliance.
Pakistan has been given another action plan in compliance with therecommendations on global standards against financial crimes to warrantPakistan’s exclusion from its grey list.
Reportedly, the finance ministry has received the recommendations whichrequire documentation of all Sarafa (gold) markets in the country,restriction on sale and purchase of gold items using cash and insteadpayment must be made with a bank card, and collection of data of goldbuyers.
The recommendations further demand Pakistan to ensure restriction on supplyof gold and jewelry to the banned outfits and terrorist organisations.
Another demand includes collection of data of all registered trustorganisations at each district level and regulation of [thousands of]registered trust organisations, and establishment of its district-levelregulation system on an immediate basis.
Furthermore, the recommendations require collection of details of accountsof all trust organisations at a district-level.
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Besides, Pakistan will present an implementation report on its action planto the Financial Action Task Force (FATF) on April 15, the third of foursuch reports to be presented to the global financial watchdog before itsreview of Islamabad’s performance in June, 2019.
According to sources, the finance, interior and foreign ministries, theState Bank of Pakistan (SBP), the Securities and Exchange Commission ofPakistan (SECP), the Federal Investigation Agency (FIA), the NationalCounter-Terrorism Authority (Nacta), the Federal Board of Revenue (FBR) andthe Financial Monitoring Unit (FMU) have been working on the FATF actionplan.
The government, according to the sources, has also set up four workinggroups to ensure the implementation of the action plan. The FATF hasstrictly demanded restrictions on funding of banned outfits.
