ISLAMABAD: The federal government led by Pakistan Tehreek-e-Insaf on Tuesday weighs heavy penalties on the use of cash couriers by companies across the country.
On the recommendations of the Financial Action Task Force (FATF). The move, which can be brought in through a presidential order, is widely seen as an attempt to counter money laundering and terror financing in Pakistan.
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The FATF, a multilateral financial task force mandated to counter money laundering and terror funding, had given Pakistan up to February 2020 to strengthen its financial regime in October of this year.
The group also asked Pakistan to adopt a 27-point financial reform agenda to strengthen legislation on money laundering and terror funding in this regard.
According to the sources, as the Federal Board of Revenue (FBR) aims to impose penalties against the activity, the new presidential order targeting cash couriers will also cover penalties for non-compliance.
Most major retailers, restaurants and shopping centers fail to implement at their premises a program known as Point of Sale (POS), therefore increasing their reliance on cash couriers.
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FBR Chairman Shabbar Zaidi also announced that the order would be given, possibly over the course of the week, to impose penalties on cash couriers and to make trade agreements effective.
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