In a bid to comply with the Financial Action Task Force (FATF) guidelines, strict monitoring of imports and exports has been proposed in the Finance Bill. Furthermore, decision to tighten the noose against importers and exporters involved in money laundering has also been made in the bill.

In case of presenting wrong figures with regards to imports and exports, a fine of up to Rs50,000 will be imposed. A fine of Rs5 million will be imposed if the discrepancy is found for the second time

Read More: Finance Minister resolves to implement FATF action plan within given time frame

In case of providing incorrect statistics for the fifth time will result in a fine of up to Rs2.5 million.

In addition to this, Finance Bill said certificates will have to be obtained from the assistant collector for correcting the errors in statistics. The assistant collector will provide computerised certificates after checking the statistics.

In February, FATF decided to keep Pakistan in the grey list till June 2021. Pakistan implemented 24 out of the 27 points of the action plan.

“Pakistan has made progress across all action plan items and has largely addressed 24 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan before June 2021,” stated the FATF press release.


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