KARACHI: Federal Finance Minister Mohammad Ishaq Dar, during a meeting with State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra, has said that the central bank, Securities and Exchange Commission of Pakistan (SECP), and Federal Board of Revenue (FBR) should adhere to internationally recognised monitoring and enforcement standards and practices to curb malpractices in the country.
The minister emphasised upon updating laws, if required, to eradicate undesirable practices. Deputy Governors of SBP and other senior officials participated in the meeting.
During the meeting the performance and achievement of the targets set under the IMF program were discussed in detail in connection with the forthcoming 12th IMF Review Meeting. The SBP governor briefed the Minister about various targets related to the SBP such as Net International Reserves, and Net Domestic Assets.
The SBP governor also updated the minister on the role of banks in implementation of Anti Money Laundering (AML) laws and reporting mechanism. The role of Financial Monitoring Unit, in this regard was also discussed in detail.
The finance minister said that best possible coordination among all the relevant authorities should be ensured to effectively combat financing of terrorism activities. He said that we must all ensure compliance with FATF rules, so as to maintain our position as a responsible nation in the international community.
