Govt mulls restricting use of cash, decides to introduce reforms in real estate sector

Anti-money laundering authority decides to invite province's input on reforms

By Tariq Moin Siddiqui
May 18, 2024
A man counts Pakistani rupee notes at a currency exchange shop in Peshawar, Pakistan September 12, 2023. — Reuters

KARACHI: The federal government is considering imposing a restriction on use of cash along with introducing reforms in the real estate sector in its bid to tackle money laundering and terror financing.

The development comes asNational Anti-Money Laundering and Counter Financing of Terrorism Authority ChairmanAhmed Sukera headed a high level meeting during the first week of May.


As per documents available with Geo News, the meeting decided on the appointment of officials on deputation to operationalise the government body.

The document further revealed that the body also reviewed the progress on the implementation of the Internal National Action Plan (INAP) on the issue of cash in organised crimes.

Regarding the issue of unregistered real estate business, the forum termed it a part of money laundering which results in significant revenue losses to the national exchequer.

The meeting also decided to invite provinces' suggestions on the issue of reforms in the real estate sector.

Furthermore, the huddle decided to appoint Ehsan Sadiq, a BPS-21 officer, as the authority's director general.

It is pertinent to know that the federal government, in March this year, announced its decision to restructure the National Counter-Terrorism Authority (Nacta) on modern lines amid a surge in terrorist attacks in the country.

"It is more important [for the government] to take advance actions to eliminate terrorists and their facilitators," said Interior Minister Mohsin Naqvi, besides summoning a detailed report on strength of all provincial counter-terrorism departments (CTDs).

The minister signalled "practical steps" to be taken by the federal government in the coming days as the state would not grant pardon to any terrorist outfits at any cost. Naqvi also urged promoting national narrative against "extremist ideologies of terrorists".

Moreover, a comprehensive strategy would be formulated to uproot terrorism, and extremism, besides ensuring "full implementation" on the National Action Plan — an action plan established by the federal government in December 2014 to boost anti-terrorist offensive following deadly Army Public School (APS) Peshawar attack.