ISLAMABAD: Pakistan and Saudi Arabia have agreed to share trade data and values of goods and exports as part of the Financial Action Task Force’s (FATF) recommendation.
A five-member delegation of Saudi Arabia’s customs authority visited the Federal Board of Revenue and it is understood that an MoU will be signed that will see real time exchange of trade data between the two countries.
The agreement will see Saudi Arabia become Pakistan’s 23rd major trading partner with which it will share trade data on real time basis.
Under the FATF recommendation, currency smuggling, under and over invoicing and narcotics the primary sources of illicit financial flows (IFFs), which is inherently a global phenomenon, according to FATF.
