Jan 8

SBP warns public against dealing with illegal forex operators

KARACHI: State Bank of Pakistan (SBP) has warned general public against sale and purchase through illegal operators and transfer of foreign currency through Hawala and Hundi. The SBP informed the general public that a person may unknowingly become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators. The money […]

by Mrs. Anjum Shahnawaz

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

Law drafted to examine national saving schemes investments for money laundering, terror financing

Dec 19

Money & Banking

Law drafted to examine national saving schemes investments for money laundering, terror financing

ISLAMABAD: The government has draft law to examine involvement of money laundering and terror financing in investment made in national saving schemes. The ministry of finance on Thursday issued draft rules namely National Saving Schemes (AML and CFT) Rules, 2019. Under the draft rules, the Central Directorate of National Savings (CDNS) would conduct customers due […]

by Mrs. Anjum Shahnawaz

CDNS decides screening all customers of national saving schemes

Dec 15

Finance

CDNS decides screening all customers of national saving schemes

ISLAMABAD: The government has decided to check involvement of money laundering and terror financing in national saving schemes as per recommendations of Financial Action Task Force (FATF). In this regard, the Central Directorate of National Savings (CDNS) intends to hire the services of a commercial bank regulated by State Bank of Pakistan (SBP) for conducting […]

by Mrs. Anjum Shahnawaz

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

Nov 9

Taxation

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to make mandatory for jewelers and real estate agents to report suspicious transactions. In this regard the FBR issued draft rules through SRO 1320(I)/2019 to make amendments in Income Tax Rules, 2002. As per the draft rules, the designated persons as jewelers and real estate agents […]

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

FATF gives Pakistan four months to comply with action plan

Oct 18

Finance

FATF gives Pakistan four months to comply with action plan

ISLAMABAD: Financial Action Task Force (FATF) on Friday set a deadline of four months for Pakistan to improve action plan against laundering and terror financing. At a press conference in Paris, France the officials of FATF expressed concerns over implementation of action plan by the Pakistani authorities. FATF strongly urged Pakistan to swiftly complete its […]

by Mrs. Anjum Shahnawaz

SBP issues framework for controlling trade based money laundering, terror financing

Oct 15

Money & Banking

SBP issues framework for controlling trade based money laundering, terror financing

KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued framework for controlling trade based money laundering and terror financing. In order to strengthen trade related Anti Money Laundering/Combating Financing of Terrorism (AML/CFT) regime and restrict possible misuse of banking channel, a comprehensive framework on the subject has been developed and attached herewith. Accordingly, Authorized […]

by Mrs. Anjum Shahnawaz

Banks may verifying goods for manual import payment

Mar 15

Money & Banking

Banks may verifying goods for manual import payment

KARACHI: Banks shall be required to verify valuation of goods before approving electronic or manual import payment in order to prevent incidents of money laundering and terror financing. According to draft “Framework for Managing Risks of Trade Based Money Laundering, Terrorist Financing and Proliferation Financing” issued by State Bank of Pakistan (SBP) banks shall make […]

by Faisal Shahnawaz