ISLAMABAD: In line with the recommendations of the Financial Action Task Force (FATF) that has declared the proscribed organisations operating in Pakistan a “high risk”, the government will take action against these outfits in the next three to four months.
This was stated by Asad Umar, the minister for finance, while giving briefing to Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly held on Wednesday with Faizullah in the chair.
He informed the committee members that FATF had asked Pakistan in January to place some banned organisations from medium to high risks and Pakistan has placed them in high risks.
He also shared that the next three to four months is important as the government will not only make legislation but also arrest the members of the banned organisations.
The minister said that the incumbent government made amendment in a number of laws pertaining to money laundering and it will get them approved from parliament in the upcoming session.
He suggested that the chairman will form a sub-committee on FATF matter and all the institutions will brief the members.
CURRENT STATE OF ECONOMY:
Asad also briefed the committee on the current situation of the economy. He informed that our foreign reserves have been enhanced and the economy was stabilised.
He also said that there is no plan to increase the rate of the dollar and we have taken enough measures to please the IMF. He shared that we have curtailed the civilian expenditure. The government has taken the stabilization measures and now we have to make structural changes on gaining a growth.
He said that committee should prepare a blueprint of the budget before the april 15. “We are making a committee comprising the member of all stakeholder and they will give recommendations for the budget,” he said.
Member of committee Naveed Qamar asked the minister about the details of signed loans in this tenure. He directed the ministry to provide a detail of foreign currency loans along with its terms and regulations to the Committee and also directed the Special Secretary Finance & Revenue to provide details of the Foreign Currency Loans on regular basis to this forum.
The committee discussed the problems being faced to the filers for the filing of tax returns. The committee unanimously recommended to the FBR that filing of tax return date may be extended till 31st March, 2019.