Money laundering in Pakistan: IMF raises serious concerns
ISLAMABAD - International Monetary Fund (IMF) has raised concerns over money laundering in the country.
IMF mission, which is currently in Pakistan for talks over a bailout package for country’s beleaguered economy, has also shown reservations on the weak banking sector and its regulatory framework which is the leading cause behind increased cases of money laundering.
The Fund is likely to place 27 action plan of Financial Task Force (FATF) as a benchmark for a possible bailout package for the country’s struggling economy.
As per sources close to the matter, Asia Pacific Group (APG), a regional body of FATF, pointed out 670 loopholes in Pakistan’s actions for combating money laundering and terror financing.