The International Monetary Fund (IMF) has called on Pakistan to enforce more stringent Anti-Money Laundering (AML) measures and a clear policy addressing such transactions in the context of tax crimes in the country, well-informed sources told ProPakistani.
A technical discussion was held between the International Monetary Fund (IMF), the Federal Board of Revenue (FBR), and the State Bank of Pakistan (SBP), shedding light on crucial initiatives aimed at fortifying the country’s economic landscape. Officials engaged in detailed discussions on AML and strategies to combat suspicious transactions.
The central bank gave insights into the country’s economic performance during July-March 2023-24. Both sides carefully assessed the current state of affairs and strategized for the upcoming fiscal period.
IMF Calls for Stringent Measures in Budget 2024-25
IMF demanded strict penalties for dubious transactions and urged their inclusion in the upcoming budget 2024-25. The lender emphasized the necessity of enforcing strict laws, especially when money laundering is suspected. Officials outlined potential repercussions, including account blocking, severe punishment, and heightened monitoring for individuals involved in such activities.
To combat money laundering comprehensively, the IMF stressed the importance of breaking the complete chain of elements involved in these illicit activities. This approach was suggested with an aim to disrupt the intricate networks that facilitate money laundering, sources added.
In response to IMF’s directives, sources said the FBR is gearing up to enhance its enforcement system. This proactive stance is designed to curb money laundering effectively and aligns with the broader mission to fortify the nation’s economic resilience. The upcoming budget is expected to incorporate such measures.