Islamabad: Advisor to Prime Minister on Finance and revenue Abdul Hafeez Sheikh said that Pakistan continues to facilitate the speedy completion of the task force the financial action plan of action (FATF) as the responsible state, ARY news reported on Friday.
Abdul Hafiz Sheikh is engaged in the high-level panel of the United Nations in international financial reporting, transparency and integrity for the sake of achieving up to 2030 aims to promote the implementation of the 2030 agenda for sustainable development.
Also, the President of the General Assembly Tijjani Muhammad Bande, and the President of the Economic and Social Council MS Mona Juul was part of a group.
The AIF group discussed, among other things, in General, these member States efforts to implement the comprehensive international mechanisms relating to financial accountability, transparency and integrity are critical to financing the sustainable development Goals.
The assistant to the Prime Minister on Finance said that the Federal government has consistently increased the effectiveness of anti-money laundering (AML) and countering the financing of terrorism (CFT) regime.
In the press release of the Ministry of Finance read that the Sheikh said Pakistan has contacted 14 of the 27 items of the action Plan with the FATF while there has been significant progress in addressing the remaining 13 of them.
He told the panel that Pakistan has made significant progress in addressing the recommendations of the mutual evaluation report, which included 15 legal changes to meet technical requirements, updating of the national risk assessment of ML/CT, the implementation of anti money laundering/countering the financing of terrorism (AML/CFT) measures to designated non-financial businesses and professions (DNFBPs), the Central Directorate of national savings (CDNs) and the Pakistan post, the extension of the sanctions regime, etc.
Pakistan has taken a number of measures in recent years to curb illicit financial flows by strengthening the rules on AML/CFT customer due diligence (CDD) and “know your customer” (KYC) and other AML/CFT instructions for financial institutions were brought into line with the FATF standards, said the Sheikh.
According to the state news Agency Appthe adviser stated that Pakistan initiated the Pakistan remittances (IRP) to facilitate inward remittances into the country through official channels. Thus, in Pakistan, registered an increase in remittances over the last decade, increasing from $6.4 billion in FY08 to $ 23 billion in FY20.
The adviser said that the State Bank of Pakistan (SBP) and Federal investigation Agency (FIA) continue to identify illegal transfer of money or value (MVTS), hawala and Hindi operators, and to take measures, including closure, investigation and prosecution of these operators.
He said that Panama papers highlighted the many ways in which the rich can exploit secretive offshore tax regimes and to expand the gap between rich and poor. The abuse of anonymous shell companies-one of the reasons why many countries today are faced with great challenges in the face of COVID-19 pandemic. For many years, they have allowed corruption, fraud and tax evasion, he added.
Hafiz Sheikh has also attracted the attention of the group to study transparency international (ti) shows that the overall level of compliance by countries with beneficial ownership transparency was low, as many countries failed to take adequate measures, such as the establishment of registers.