Islamabad: The federal government has announced its decision to screen over seven million individuals who have made investments worth PKR 4.038 trillion and more in the country’s National Savings schemes — for the purpose of preventing any ill-gotten funds from becoming part of the financial system, according to news sources.
The
decision is in compliance with the recommendations made by the Financial Action
Task Force (FATF). According to the recently published Mutual Evaluation Report
(by the Asia Pacific Group), there are a number of deficiencies made by the Central
Directorate of National Savings (CDNS)’s, which are adversely affecting the
overall grading of various recommendations.
The FATF has already given a February 2020 deadline for Pakistan to remain on the grey list (subject to the implementation of its recommendations) and has now asked the government to identify the owners of suspected investments in the National Savings schemes.
The Finance division (through the promulgation of the National Savings Schemes (AML-CFT) Rules, 2019) will engage an AML-CFT compliant bank (after competitive bidding), for necessary personnel trainings and requirements implementation. For this purpose, Expression of Interest (EoI) has been sought from interested banks to supervise Know Your Customer (KYC) and other requirements of new and existing CDNS clients.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
