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FATF grey list: Announcement on Pakistan status expected at 7pm

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  • Islamabad needs votes of Turkey, China, and Malaysia to get off FATF grey list.
  • All three countries have assured Pakistan of full support.
  • Hina Rabbani Khar leading Pakistani delegation at FATF meeting.

All eyes are on the Financial Action Task Force’s (FATF) plenary meeting concluding today (Friday), with Pakistan having high hopes to secure an ‘onsite visit’ which may lead Islamabad a step closer to get out of the grey list.

Minister of State for Foreign Affairs Hina Rabbani Khar Friday advised against prejudging and speculative reporting on the FATF meeting’s outcome.

Taking to Twitter, the minister said that the plenary meetings are underway and the FATF will issue a public statement after concluding the meetings tonight.

She further stated that the government has arranged a media briefing at the Ministry of Foreign Affairs on Saturday.

“The FATF Plenary Meetings are continuing in Berlin. FATF will issue a Public Statement after conclusion of the meetings tonight. Prejudging the outcome or speculative reporting could and should be avoided. Government of Pakistan has arranged a media briefing at MOFA on Saturday morning on this issue,” Khar wrote.

He said that the consent and consolation of other countries in the meeting is also significant.

However, he said that matters will take seven to eight months to settle even if Pakistan makes its way out of the watch list as the FATF team will visit Pakistan for an inspection.

Sources said that the FATF had directed Pakistan to fulfil 34 conditions in two stages, which Pakistan accomplished. The country fulfilled 32 out of 34 conditions in the last FATF meeting and completed the remaining two in this meeting.

They said that the final decision could be delayed till the next FATF meeting scheduled to take place in Paris in October.

Pakistan had launched a massive diplomatic effort to get off the FATF grey list. Khar, who is also the chair of Pakistan’s National FATF Coordination Committee, is leading the Pakistan delegation at the plenary meeting that started on June 14.

Pakistan needs the votes of Turkey, China, and Malaysia to get off the list, and all three countries have assured the Pakistani authorities of full support. That’s why there are now bright chances that Pakistan may finally exit the FATF grey list after its current meeting being held in Berlin, Germany.

Germany, the US, and other countries have also expressed partial support for Pakistan’s demand for exclusion from the FATF grey list.

According to sources, during the recent visits of Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar to different countries, important discussions took place regarding FATF. In all these meetings, a soft attitude towards Pakistan was expressed by important countries.

Pakistan has implemented almost all points of the FATF Action Plan, except for the penalties, and Pakistan has made prosecutions and all relevant legal amendments.

Pakistan was placed on the FATF list of countries under increased monitoring in June, 2018. 

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government contests Imran Khan and Qureshi’s exoneration in the cipher case

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On Thursday, the federal government led by Prime Minister Shehbaz Sharif filed a lawsuit in the Supreme Court contesting the exoneration of former Foreign Minister Shah Mehmood Qureshi and former Prime Minister Imran Khan in the well-known cipher case.

Citing procedural and jurisdictional issues, the Ministry of Interior has appealed the Islamabad High Court’s (IHC) ruling.

In hearing the cipher case, the High Court allegedly overreached its power, arguing that judges cannot change laws where Parliament has not expressly passed legislation.

Despite receiving government-funded legal representation, the petition emphasized Imran Khan and Shah Mehmood Qureshi’s lack of cooperation during the trial, submitting 65 separate motions and neglecting to cross-examine witnesses.

The petition contended that in order for a retrial to satisfy legal standards, the High Court should have ignored important evidence that was given during the trial. It requests that the appeals contesting the IHC’s June 3 acquittal be given a hearing date by the Supreme Court.

Case history

The cipher issue concerns a supposed diplomatic document that disappeared from Imran Khan’s custody. The cipher allegedly contained threats from the US to remove Khan from office, according to the Pakistan Tehreek-e-Insaf (PTI) party. Shah Mehmood Qureshi and several aides, including Asad Umar, are named in the First Information Report (FIR) submitted by the Federal Investigation Agency (FIA) in accordance with Section 34 of the Pakistan Penal Code and Sections 5 and 9 of the Official Secrets Act.

The then-foreign secretary received a diplomatic cipher from Washington on March 7, 2022, according to the FIR. The lawsuit claims that by manipulating the data for their own benefit, Khan and Qureshi put the safety of the country at risk. It alleges that on March 28, 2022, Khan secretly met at his Bani Gala home and gave his Principal Secretary, Muhammad Azam Khan, instructions to change the content of the cipher to his advantage, jeopardizing national security.

The document asserts that Khan still has custody of the cipher, jeopardizing Pakistan’s encrypted messaging systems and possibly helping foreign forces, which would be detrimental to the nation. A complaint has been filed by the FIA’s Anti-Terrorism Wing against Khan, Qureshi, and other individuals for improper use of state secrets and unapproved possession of the cipher.

Acquittal by the Islamabad High Court

In the cipher case, on June 3, the IHC cleared Khan and Qureshi when Justice Aamir Farooq issued a succinct ruling in their favor. Their sentences were appealed in the case, which has since been a source of political and legal controversy, leading to their acquittal.

This acquittal and the ongoing legal and political struggles surrounding the cipher case are highlighted by the government’s subsequent move to contest it.

With potentially huge ramifications for the parties involved and the larger political scene, the Supreme Court’s decision over whether to hear the appeal will be keenly scrutinized.

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Shahid Khaqan Abbasi urges political stability in order to accelerate economic expansion.

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Shahid Khaqan Abbasi, the former prime minister, emphasized on Thursday how important political stability is to Pakistan’s economic development and how the nation cannot prosper without it.

His concern was that export growth had not progressed, and he emphasized that stability in the current climate is vital to draw investments and carry out the necessary reforms.

In his criticism of the tax system, Abbasi brought up the erratic nature of tax laws and the transient nature of the most recent tax slab implementation. Insisting that difficult choices are unavoidable for economic recovery, he emphasized the necessity of designing a tax system that is equitable and does not burden the people.

Furthermore, arguing that the effectiveness of organizations like the Federal Board of Revenue (FBR) and National Accountability Bureau (NAB) is essential for economic governance and transparency, Abbasi urged for changes within these and other organizations.

Abbasi, in his discussion of more comprehensive fiscal plans, suggested that the National Finance Commission (NFC) award be reviewed again and that power distribution companies (DISCOs) be decentralized to the provinces.

In order to reduce inefficiencies and corruption at the provincial level, he recommended looking into ways to share the cost of defense spending and decentralize the management of energy resources.

In closing, Abbasi emphasized that Pakistan’s economic trajectory will stay stagnant unless comprehensive changes are implemented immediately. To move the nation towards sustainable progress, he urged policymakers to give stability and structural reforms first priority.

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Through in-app QR payments, Zindigi and SBP streamline transactions involving sacrificial animals.

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With its in-app QR code payment system based on Raast, Zindigi—powered by JS Bank—has elevated the convenience of cashless payments for the procurement of sacrificial animals to a whole new level for Eid ul Adha.

This program uses QR code payments to streamline transactions for sacrificed animals for the general public and traders. It is a component of the State Bank of Pakistan’s Raast quick payment service.

This feature enables users of Zindigi and users of any digital banking apps or wallets to safely and easily make payments at certain cattle markets throughout Pakistan using Zindigi QR. The consumer must scan the QR code of the livestock merchant and pay the transaction amount in order to complete the payment.

In order to further financial inclusion and digital innovation in Pakistan’s developing economy, Zindigi and the State Bank of Pakistan have partnered. Both organizations are committed to improving the efficiency and accessibility of financial services, especially on holidays such as Eid ul Adha, by utilizing the most recent developments in fintech.

One of the most important steps toward promoting financial inclusion and economic empowerment at the local level is the integration of livestock markets into the digital economy. Farmers and retailers may take charge of their financial operations and help realize the larger goal of an inclusive digital Pakistan by adopting digital payments.

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