National Savings tightens checks on investors

Dec 10

Finance

National Savings tightens checks on investors

ISLAMABAD: The government has tightened monitoring of investors of national savings to comply with conditions of Financial Action Task Force (FATF) and prevent transactions related to money laundering and terror financing. The Central Directorate of National Savings (CDNS) has prepared a comprehensive plan to examine the customers and issued instructions to all its regional offices […]

by Mrs. Anjum Shahnawaz

FBR sets up body to regulate jewelers, real estate agents

Nov 11

Taxation

FBR sets up body to regulate jewelers, real estate agents

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday approved a body to regulate transactions by jewelers, real estate agents and accountants under anti-money laundering (AML)/Counter Financing of Terrorism (CFT) laws. According to an office order, the FBR approved the operationalization of Directorate General of Designated Non-Financial Business and Professions (DNFBPs), with its headquarter at Islamabad […]

by Mrs. Anjum Shahnawaz

Pakistan remains in FATF’s grey list; new deadline February 2021

Oct 23

Finance

Pakistan remains in FATF’s grey list; new deadline February 2021

KARACHI: The Financial Action Task Force (FATF) on Friday decided to keep Pakistan in ‘grey list with the announcement that the country needs to do more. FATF President Dr Marcus Player, addressing a webinar to announce the decisions taken by the plenary in its three-day meeting period, said that the forum has decided that Pakistan […]

by Mrs. Anjum Shahnawaz

National Savings: Rules notified for identification of customers, beneficial owners

Oct 21

Finance

National Savings: Rules notified for identification of customers, beneficial owners

ISLAMABAD: National Savings (AML and CFT) Supervisory Board for National Savings Schemes has issued SRO 956(I)/2020 for identification and verification of customers, beneficial owners of saving schemes. According to the SRO regulations shall be called the National Savings (AML and CFT) Regulations, 2020. The chapter III of the regulations explained the identification and verification of […]

by Mrs. Anjum Shahnawaz

FBR issues SRO to regulate accountants, jewelers, real estate agents under AML/CFT

Sep 30

Taxation

FBR issues SRO to regulate accountants, jewelers, real estate agents under AML/CFT

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued a notification to regulate the profession/business of accountants, jewelers, real estate agents in ongoing efforts against money laundering and countering finance of terrorism. The regulations have been issued through SRO 924(I)/2020 dated September 30, 2020 to comply with the conditions under Finance Action Task Force (FATF), […]

by Mrs. Anjum Shahnawaz

Pakistan makes substantial progress in completing remaining FATF Action Plan: Hafeez Shaikh

Jul 11

Finance

Pakistan makes substantial progress in completing remaining FATF Action Plan: Hafeez Shaikh

ISLAMABAD: Pakistan has made substantial progress towards completing remaining action plan of Financial Action Task Force (FATF) through increasing the effectiveness of its AML/ CFT Regime, Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue told International Financial Accountability. He said that out of 27 FATF Action Plan Items, Pakistan had […]

by Mrs. Anjum Shahnawaz

FATF maintains Pakistan’s grey list status till June 2020

Feb 21

Finance

FATF maintains Pakistan’s grey list status till June 2020

KARACHI: Financial Action Task Force (FATF) on Friday maintained Pakistan’s status of grey list till June 2020 and asked the country to complete its full action plan. “To date, Pakistan has largely addressed 14 of 27 action items, with varying levels of progress made on the rest of the action plan. The FATF strongly urges […]

by Mrs. Anjum Shahnawaz

Biometric verification of all saving scheme investors to be conducted under FATF recommendations

Jan 18

Finance

Biometric verification of all saving scheme investors to be conducted under FATF recommendations

ISLAMABAD: The government will conduct biometric verification of all investors of National Saving Schemes in order to make compliance with recommendations of Financial Action Task Force (FATF), a statement issued by Finance Division said on Saturday. Asia Pacific Group in its recently published Mutual Evaluation Report (MER 2019), has pointed out number of deficiencies on […]

by Mrs. Anjum Shahnawaz

IR officers oppose proposed setup of Pakistan Revenue Authority

Nov 7

Taxation

IR officers oppose proposed setup of Pakistan Revenue Authority

KARACHI: Senior officers of Inland Revenue Service (IRS) has strongly opposed the formation of planned Pakistan Revenue Authority (PRA) and said it will have negative effect on revenue collection. The concerns were raised at a meeting of IRS Officers Association held on Thursday, which was attended by more than 120 IRS officers. It was unanimously […]

by Mrs. Anjum Shahnawaz

SBP emphasizes more efforts for taking Pakistan out of FATF grey list

Oct 29

Money & Banking

SBP emphasizes more efforts for taking Pakistan out of FATF grey list

KARACHI: Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) on Monday emphasized on putting more effort against money laundering and terrorist financing to ensure that Pakistan is out of grey list in the next meeting of FATF. While inaugurating the conference on Anti-Money Laundering (AML)/ Combating Financing of Terrorism (CFT) and Trade-Based Money Laundering […]

by Mrs. Anjum Shahnawaz