FATF meets to decide on Pakistan's Grey List status
Last updated on: 22 October,2020 10:24 am
There are strong prospects of Pakistan being removed from the grey list.
PARIS (Dunya News) – The Financial Action Task Force (FATF) begins on Wednesday its three-day virtual meeting to review anti-money laundering measures and to decide whether Pakistan will stay on its Grey List.
As per details, Pakistan is meeting 27 targets of the Financial Action Task Force and there are strong prospects of Pakistan 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 UN guidelines. The NAB was empowered to take action against those involved in money laundering.