Govt decides to make ‘gold control authority’ on FATF’s demand

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14 Apr, 2019 4:56 pm

ISLAMABAD (92 News) – Taking an important decision, the Pakistan Tehreek-e-Insaf (PTI) government on Sunday decided to make “gold control authority” on the demand of the Financial Action Task Force (FATF).

According to the report, the federal government declared compulsory for gold purchaser to register the record into documents. It said that the gold control authority will control the trade of gold across country.

It is worth mentioning her that the FATF has asked Pakistan to implement a new set of constraints in the country’s crackdown against terror financing, including documenting and regulating all gold markets.

FATF asks Pakistan to document, track all gold purchases

Reportedly, the Finance Ministry has received a new list of recommendations from the watchdog which requires documentation of all gold markets and purchase and sale of gold in Pakistan.

The FATF has asked Islamabad to collect data of all gold markets in Pakistan and to restrict the sale and purchase of gold items using cash, instead requiring payment to be made with a debit or credit card.

The task force has also demanded that the country ensure restriction on supply of gold and jewelry to banned outfits and terrorist organisations.

FATF has urged Pakistan to collect data of all trusts operating across the country as well as their bank accounts on the district level. It has also asked the country to ensure regulation of thousands of registered trust organisations.

Next three month will be crucial for Pakistan: Asad Umar

Earlier on March 13, Finance Minister Asad Umar said that formal approval of the federal cabinet was sought for amendments made in regulations formulated for customs and Federal Investigation Agency (FIA). Detailing about grey-listing of the country by Financial Action Task Force (FATF), the finance minister said that the next three month will be crucial for Pakistan.

Pakistan demanded to remove India from FATF review body

The finance minister also said that Pakistan has demanded the Financial Action Task Force (FATF) to remove India from of FATF review body.


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