Govt fulfills another requirement of FATF
The government has also banned withdrawals from the bank through cheques without the signatures
ISLAMABAD (Dunya News) – The government on Thursday fulfilled another requirement of the Financial Action Task Force (FATF).
In order to achieve the targets of Financial Action Task Force (FATF), the government has taken an important decision and made it mandatory for banks to investigate the social and financial status of account holders and sources of income in order to address the forum’s concerns regarding money laundering and terrorism financing.
The government has also banned withdrawals from the bank through cheques without the signatures of the secretary of the ministry, heads of public sector institutions and departments in this regard.
All payments will now be made through cheques and cash from banks will not be released to ministries and departments from January 2021.
