The United Arab Emirates and Malaysia have rejected the proposal of sharing information of Pakistanis living there.
FBR Chairman Shabbar Zaidi informed the NA Standing Committee on Finance that the UAE considers these Pakistanis as their citizens who have an Iqama. We have told OECD that UAE is not supporting us and they have assured to support us regarding provision of data, whereas Malaysia also refused to give the information regarding those who declared Malaysia as their second home.
The standing committee was informed that Pakistan had implemented 17 points of Financial Action Task Force so far. Pakistan will submit the final report on January 7, whereas FATF will decide on Pakistan in February 2020.
Federal Minister for Economic Affairs Hammad Azhar while giving briefing on FATF measures said that Pakistan is agree on to make the secretariat of the Financial Action Task Force in Pakistan, Government is working on 27 action initiatives. FATF demanded to take strict and efficient action against suspicious transactions demands more efficient
He informed committee that FATF also raised questions on the quality and implementation of legislation in the country, military’s intervention in civil governments, over all civil military coordination on different issues of the country and about the poor coordination of the Federal and Provinces. He said that Pakistan has improved the regulatory framework and new demands are now coming in.
Hammad Azhar said that Pakistan has been given the ICRJ plan in February 2018, it is a 27 point action plan, When PTI Government came into power only 5 points were implemented and 22 points were not implemented, the PTI government has implemented 17 points so far whereas Pakistan has to submit final report on January 7 and FATF will decide on Pakistan in February.
Chairman of the Committee Asad Umar shows dissatisfaction over the performance of FBR and said that money laundry of 5.5 billion dollars took place, but only one billion rupees were recovered by the FBR, Elite has captured the economy of the country. FBR has a complete data and it is strange that they have not taken accordingly.