• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Business Economy

Pakistan, UAE sign anti-Money Laundering Pact

Top by Top
September 10, 2020
in Economy
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Pakistan on Wednesday signed an agreement with the UAE to combat money laundering and terror financing.

Under the memorandum of understanding (MoU), Pakistan’s Financial Monitoring Unit and the UAE’s Financial Intelligence Unit (FIU) would enhance cooperation by exchanging information.

The MoU was signed by Pakistani Ambassador to the UAE Ghulam Dastagir and Ali Faisal Ba’Alawi, the acting chief of the UAE’s FIU.

Speaking on the development, Dastagir said the sharing of data between the two countries would help them curb money laundering and other financial crimes.

“The signing the MoU reflects the strong commitment of the Pakistani government to enhance cooperation with the international community to combat money laundering and terrorism financing,” he added.

Ba’Alawi described the agreement as a reflection of “the strong and deep relations between the UAE and Pakistan”.

He said the MoU with Pakistan’s Financial Monitoring Unit was in line with the interest of the UAE in contributing effectively to the international community’s common goal to exchange financial information related to money laundering and terrorism financing crimes.

The Financial Action Task Force (FATF) – a global body that develops policies to curb money laundering and terror financing – put Pakistan on its grey list in June last year. Pakistan has to meet its 27-point action plan to escape getting blacklisted as a non-compliant nation.

The global body’s joint group is expected to meet this month to review Pakistan’s case before it is placed in front of the FATF plenary, which is likely to take place in October.

Pakistan won a three-month further extension to complete its 27-point action plan because of the coronavirus pandemic. The extended deadline was June this year but the FATF moved it forward due to the postponement of the FATF plenary.

The PTI-led federal government has started consultation with the two major opposition parties of the country over a couple of crucial FATF-related bills that failed to sail through the Senate last month.

The upper house of the parliament, where the opposition enjoys majority, rejected on August 25 the Anti-Money Laundering (Second Amendment) Bill and the Islamabad Capital Territory (ICT) Waqf Properties Bill that were passed by the National Assembly.

After rejection of the bills, which the government claims are necessary to come out of the FATF grey list, the Ministry of Parliamentary Affairs decided to suggest summoning a joint session.

However, the government is not likely to get the parliament’s nod even at a joint session and the government has started secret talks with opposition parties to win their support.

A key amendment proposed in the existing law is to declare money laundering a cognisable offence, which means that the investigation officers can arrest people without warrants and explanation.

Previous Post

Qureshi meets Putin, Tajik FM in Moscow

Next Post

Bollywood Actress Arrested on Alleged Drug Offenses

Top

Top

Related Posts

Foreign exchange: SBP reserves go down by $75mn in a week
Economy

Rupee continues to sink, falls to Rs232 against USD

by Top
July 25, 2022
Pakistan earns US $434 million by exporting transport services in 7 months
Pakistan

Pakistan earns US $434 million by exporting transport services in 7 months

by Top
April 12, 2022
IMF to continue support Pakistan after ‘new gov’t is formed’
Economy

IMF to continue support Pakistan after ‘new gov’t is formed’

by Top
April 6, 2022
National Assembly Approves Rs8.487tr Budget for next Fiscal year with Majority Vote
Economy

National Assembly Approves Rs8.487tr Budget for next Fiscal year with Majority Vote

by Top
June 30, 2021
Rupee Becomes World’s best Currency
Economy

Rupee Becomes World’s best Currency

by Top
April 1, 2021
OGRA Recommends Slashing Fuel Prices
Economy

OGRA Recommends Slashing Fuel Prices

by Top
March 31, 2021
Rising Inflation costs Hafeez Shaikh his Job
Economy

Rising Inflation costs Hafeez Shaikh his Job

by Top
March 30, 2021
Next Post
Bollywood Actress Arrested on Alleged Drug Offenses

Bollywood Actress Arrested on Alleged Drug Offenses

Popular Stories

  • Thandie Newton  was abused as a teenager on the director’s casting couch

    Thandie Newton was abused as a teenager on the director’s casting couch

    0 shares
    Share 0 Tweet 0
  • Importance of Independence Day – 14 August

    0 shares
    Share 0 Tweet 0
  • Bérénice Marlohe wears plunging sheer silver dress at Brit Awards

    0 shares
    Share 0 Tweet 0
  • Pakistan scores major diplomatic victory in Abu Dhabi summit

    0 shares
    Share 0 Tweet 0
  • Dengue holidays- an obstructive measure

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • PM for holistic efforts to cope with climate change issues
  • PM for rising above politics for extensive relief, rehab of flood victims
  • Pakistan to mark Youm-e-Istehsal on August 5 to show solidarity with IIoJK people

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In