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FATF wants all dollar, euro transactions above $3,000 to be documented

October 10, 2018


The FATF team has asked the Pakistani government to ensure that all dollar and euro transactions above $3,000 are documented with details of the sender, sources in the finance ministry told SAMAA TV on Wednesday

The range given by the FATF team is between $3,000 and $15,000. Transactions above that are already monitored and the ones below are usually routine transactions.

The team wants the government to maintain records of all transactions, even ones not done through banks.

The FATF team arrived in Pakistan on Monday for a two-week visit to hold consultation meetings with officials of the finance ministry, Securities and Exchange Commission of Pakistan, State Bank of Pakistan and other key departments.

Related: Pakistan improves its ranking in global anti-money laundering index but still has a long way to go

During their stay, they will assess Pakistan’s progress on anti-money laundering and countering financing of terrorism regulations.

The FATF team has also asked Pakistan to document all business transactions by real estate agents, dealers of gold and other precious metals, and professional services providers like notary public service and lawyers.

They have asked the government to document these transactions and provide their details to the State Bank of Pakistan’s Financial Monitoring Unit, which has been exclusively set up for this purpose.


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