KP govt takes measures for Pakistan’s removal from FATF grey list

Provincial govt to monitor 2 million cash transactions, tighten noose around real estate and gem traders and housing societies

PESHAWAR: The Khyber Pakhtunkhwa (KP) government on Friday decided to extend the scope of oversight of all financial affairs across the province in a bid to help remove Pakistan from the Financial Action Task Force (FATF) grey list.

According to the details, more than 2 million cash transactions across the province will be monitored, traders will be required to provide justification and relevant records for suspicious transactions, registration of all real estate and gem traders will be completed while the land transfer process will also be regularly monitored.

The decision was taken during a meeting chaired by KP chief secretary to discuss the steps taken by different government agencies to curb money laundering. The participants of the urged the need for more steps to comply with the FATF’s recommendations, reminding the meeting that a delegation of the taskforce will visit Pakistan in July.

The meeting was told that Directorate of Designated Non-Financial Business and Professions has been set up while work has been initiated on data sharing, liaison and collaboration to curbs money laundering. It was urged that there is a need to create awareness among the officials all the administrative departments and related to all the institutions.

Secretary Minerals informed the meeting that a Grade-19 officer has been appointed as the focal person for the process of registration of dealers involved in the mining industry and especially those associated with the gemstone industry.

The process of buying and selling of properties will also be monitored and all registered dealers will be required to provide proof of business transactions and other information if the authorities flag any. Meetings have also been held with dealers associated with the jewelry business in this regard.

Similarly, it was decided to lay down procedures for gems and minerals imported from Afghanistan. These gems and antiques are exported from Peshawar to Singapore, Thailand and other parts of the world.

Meanwhile, the meeting was told, that 209 illegal housing societies have also been identified across the province, details of which will be provided to the Directorate of Designated Non-Financial Business and Professions, while it is also proposed to monitor the financial transactions of housing societies in the province.

The meeting also decided to compile a record of transactions in cash of more than Rs2 million for which the task will be handed over to the Director Land Records and Sub-Registrar of the Board of Revenue. The sub-registrar shall compile record of cash payment of over Rs2 million for sale and purchase of all lands and provide it to the Directorate of Designated Non-Financial Business and Professions.

It may be mentioned here that the provincial chief secretary has appointed the home secretary as focal person for liaison with the Directorate.

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