The global money laundering and terrorist financing watchdog – Financial Action Task Force (FATF) – started its 3-day virtual meeting, today. The goal is to identify if Pakistan should be removed from the Grey List.
Earlier, Pakistan was listed in the Grey List of FATF after negative propaganda created by India. However, as of now, it seems Pakistan is clearing out the allegations registered in 2018.
According to the details, Pakistan is close to achieving the 27 targets issued by the Financial Action Task Force (FATF). If the virtual meeting concludes in favor of Pakistan, FATF would remove the country from its Grey List.
Under the new guidelines set by SBP, it’s mandatory to obtain SBP’s permission first to carry $10,000 (or more) abroad. It’s also guided to submit proper records of sale and purchase of gold, jewels, precious stones, and metals if their values exceed PKR 2 million.
The government of Pakistan also amended some guidelines for shareholders. All these guidelines and rules are reformed to protect the Pakistani rupee and get the name out of the Grey List.
While enforcing these guidelines, several arrests were made. The accused belonged to some banned organizations. Their assets and accounts were also frozen according to the guidelines prescribed by the UN.
National Accountability Bureau (NAB) also played a vital role in finding and catching the fraudsters.