Pakistan, IMF agree to establish asset declaration system 

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have agreed to establish an asset declaration system by the end of June.

In this regard, the govenrment will establish a robust asset declaration system that is comprehensive in scope such as assets beneficially owned or located abroad filed with a central federal agency.

Data in this regard will not only be electronically available to the public but also searchable and effectively verified.

According to a report, IMF is undertaking the second review cycle under the United Nations Convention against Corruption  (UNCAC) implementation mechanism and will publish the full report, including the findings, analysis, and recommendations for improving the anti-corruption framework. 

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The government of Pakistan will also complete a review of the institutional framework of anti-corruption institutions by the end of December by taking inputs from reputable international experts and civil society organisations to enhance independence and effectiveness in investigating and prosecuting corruption cases.

It has also been agreed to upgrade the capacities of law enforcement agencies such as the Federal Investigation Agency (FIA), National Accountability Bureau (NAB) and provincial Counter Terrorism Departments (CTD) with assistance from capacity development providers for financial investigations through training.

The report states that the Mutual Legal Assistance Act of 2020 also designates NAB as a recipient and requesting authority for international cooperation in the field of anti-corruption. NAB is engaging with several foreign law enforcement authorities to secure memoranda of understanding for information sharing. 

The IMF will continue to support financial institutions and other reporting institutions in improving their capacities to identify politically exposed persons and apply enhanced due diligence measures. 

Furthermore, the lending organisation is conducting further outreach and continue enhancing risk-based supervision of financial institutions and other reporting institutions to improve the quality of suspicious transaction reporting, particularly on corruption activities.

Besides, IMF is committed with Pakistan to enhancing the effectiveness of the Financial Monitoring Unit, by ensuring its fiscal autonomy and providing sufficient human and financial resources to improve the dissemination of financial intelligence to support corruption investigations.


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Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]


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