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FATF Asks Pakistan to Track Gold Purchases in the Country

Date: April 13, 2019 Author: newsfeed.pk Category: Board Meetings Short URL Comments: 0

The Financial Action Task Force (FATF) has reportedly handed over to Pakistan a new set of recommendations ahead of its review meeting in May this year.

Pakistan is supposed to submit its compliance report to FATF on the action plan given during the last meeting in February.

And now, just days before the submission, the finance ministry has reportedly received a new set of demands which requires Pakistan to track the gold purchases throughout the country.

The task force has demanded the country to collect data of all gold markets (Sarafa bazars) and the sale and purchase of gold there, in any form.

The country has been asked to ban gold purchase on cash payments and to allow it only through the debit or credit cards.

The set of recommendations further demand the country to ensure restrictions on the supply of gold and jewelry to the banned outfits and terrorist organizations.

Moreover, the global watchdog has also urged Pakistan to collect data of all the Trusts organizations, and their bank accounts working on a district level.

Fresh recommendations from FATF are part of the action plan Pakistan has been asked to comply with in order to warrant its exclusion from its terror financing greylist.

Source: Pro Pakistan