IMF ‘asks’ Pakistan to implement anti-money laundering laws

Pakistan is under pressure from the International Monetary Fund (IMF) to enhance the enforcement of anti-money laundering laws.

Discussions during the review for a $700 million loan tranche in Islamabad included briefings by the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) officials on anti-money laundering measures and suspicious bank transactions.

The IMF urged Pakistan to establish a clear policy for detecting and punishing 'suspicious transactions' related to tax crimes, recommending the inclusion of stringent clauses in the upcoming finance bill.

The FBR was specifically directed to rigorously enforce measures against money laundering. Additionally, the IMF called for increased recovery of income tax from the retail, real estate, and agriculture sectors, emphasizing joint efforts by the federal government and provinces for effective tax recovery.