Islamabad, November 10, 2023 : According to sources, Pakistan has been ‘urged’ by the International Monetary Fund (IMF) to ensure the rigorous enforcement of anti-money laundering laws.
In Islamabad, discussions were held for the upcoming review related to the disbursement of the $700 million loan tranche. Officials from the Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) provided updates to the International Monetary Fund (IMF) on matters concerning anti-money laundering measures and potentially suspicious bank transactions.
The State Bank of Pakistan furnished the IMF with a briefing on Pakistan’s economic performance spanning from July to March, while officials from the Federal Board of Revenue apprised the visiting delegation about tax-related offenses. Additionally, they presented a detailed report during the discussions, as per sources.
The IMF staff instructed Pakistan to formulate a transparent policy for identifying ‘suspicious transactions’ related to tax crimes and recommended the inclusion of stringent punishment clauses in the forthcoming finance bill.
During the briefing, the delegation was informed that Pakistan currently imposes severe penalties, including the blocking of bank accounts, for instances of money laundering.
The IMF mission emphasized to the Federal Board of Revenue (FBR) the need for rigorous enforcement to curb money laundering.
Previously, it was revealed that the International Monetary Fund (IMF) has called for higher income tax recovery from the retail and real estate sectors, along with an increase in income tax collection on agricultural income.
The IMF has recommended that the federal government and provinces collaborate to enhance tax recovery efforts. According to sources, in the event of a shortfall in tax collection, a fixed tax on retailers may be imposed after December.
