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Pak to be declared 'high-risk country' if it fails to upgrade money laundering laws | If Pakistan fails to upgrade its existing anti-money laundering laws
before February 2010, it will have to face severe financial penalties from international
organisations that includes being declared a "high-risk country." The Daily Times
quoted the State Bank of Pakistan officials as telling the National Assembly Standing
Committee on Finance on Friday: "If Pakistan gets declared a "high-risk country",
the country's letter of credit (LC) would not be honoured abroad and there would
be difficulties in international trade." Despite the last ultimatum by the Asia
Pacific Group on Money Laundering, Pakistan had not upgraded its existing Anti-Money
Laundering Ordinance, 2007, which is expiring on November 28. "If the required
up-gradations are not made by that time, then anti-money laundering regulations
would be non-existent in the country," Finance Secretary Salman Siddique told
the committee. Pakistan is a signatory to various UN conventions that require
laws in line with international standards to combat money laundering and terrorism
financing. |
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