FATF asks Pakistan to document bullion trade

Web Desk
April 14,2019

The FATF has directed Pakistani authorities to collect data of all those who sale and purchase gold so that the funds generated through the trade are not channeled to banned outfits.

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ISLAMABAD: The Financial Action Task Force (FATF) has asked Pakistan to document bullion trading across the country.

The global body that monitors terror financing has handed over a fresh list of demands to be implemented.

The FATF has directed the concerned authorities to collect data of all those who sale and purchase gold so that the funds generated through the trade are not channeled to banned outfits.

It also asked Pakistan to list all the trusts registered at the district level and sought to regulate their functioning. Their financial transactions should also be monitored, the FATF suggested.

Pakistan has been working with the FATF to be removed from the grey list and has already taken many steps in this regard.

According to a recent report in this paper, the FATF clearance is a must for the IMF loan.

“After FATF is satisfied with actions, the IMF will be given a green signal by the Trump administration to sign the loan programme with Pakistan,” it said.


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