FATF Asks Pakistan to Track Gold Purchases in the Country

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.

Via: Dunya News


    • India is on their good side but I bet the rules apply to them too. These are all imposed by the west. We have to comply if we want to continue to trade in dollars and get access to the global financial system. It’s colonialism 2.0.

  • Next up: animal hide donations. This is one of the biggest source of funding for extremist organizations in Pakistan.

      • No problem man. Also remind them that the biggest source of funding period are cash donations from individuals and businesses. It’s is completely off the radar. No chance of stopping this unless and until you change the culture of the country.

  • No one knows how much gold is bought and sold in Pakistan so it’s no wonder that they finally woke up to this. Of course Pakistan should have done something about it on its own but we never do anything unless the foreign infidels tell us to.

  • “The country has been asked to ban gold purchase on cash payments and to allow it only through the debit or credit cards.” – JOKE of the year, does this apply in India?i know not.

  • Viable and much needed demand from FATF.
    Even Prize bonds should also be sold/re sold through debit/credit cards or against buyer’s CNIC. So that Khawaja Saad and Salman Rafique type people can’t say that they “frequently win” biggest prize of 6-7 crore rupees. LoL
    As far as India is concerned, they don’t need such restrictions because they don’t harbour, promote and export terrorism on state level.

  • The FATF the SECP guideline on AML under CFT. Fresh guidelines on KYC under CDD with gold and Real Estate under REIT will meet the targets set by the Multilateral agencies. Provides Pakistan as clean Pakistan.


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