IMF Pressures Pakistan for Stricter Anti-Money Laundering Implementation
In Islamabad, Pakistan faces mounting pressure from the International Monetary Fund (IMF) to intensify the enforcement of anti-money laundering laws as discussions unfold regarding a $700 million loan tranche.
Karobar
ISLAMABAD: The latest review meeting, encompassing officials from the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR), highlighted the imperative need to bolster measures against money laundering and scrutinize suspicious bank transactions.
The IMF, in particular, has strongly urged Pakistan to establish a comprehensive policy for identifying and penalizing 'suspicious transactions' linked to tax crimes. To fortify this, the IMF recommended incorporating stringent clauses in the upcoming finance bill.
Specifically targeting the Federal Board of Revenue (FBR), the IMF has directed rigorous enforcement of measures against money laundering. In addition, the IMF has called for an augmented recovery of income tax from sectors such as retail, real estate, and agriculture. Emphasizing collaborative efforts between the federal government and provinces, the IMF seeks a cohesive strategy for effective tax recovery.
This development comes at a critical juncture for Pakistan, as the IMF places heightened emphasis on fortifying the country's anti-money laundering framework, linking it directly to the disbursement of the much-needed $700 million loan tranche.
