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Pakistan amends anti-money laundering, terror financing regulations

10:47 PM | 26 Sep, 2023
money laundering and terror financing
Source: File photo

ISLAMABAD – Pakistan has amended its anti-money laundering and counter-terrorism financing regulations to effectively curb crimes and strengthen its financial system.

The move comes months after the Financial Action Task Force (FATF) removed Pakistan from its “grey list” after four years in October 2022. 

“The Securities and Exchange Commission of Pakistan (SECP) has introduced important amendments to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations, 2020,” the SECP said in a press release.

“The notified amendments aim to enhance the scope of regulations to effectively combat financial crimes, control money laundering, and combat the financing of terrorism (CFT) while ensuring the integrity of its financial system.”

The SECP said the amendments were an outcome of a self-assessment of its AML/CFT framework conducted by the commission this year. It added that the assessment was made against the criteria used in the FATF Assessment Methodology for assessing Technical Compliance of its AML/CFT regulatory framework.

According to a notification, the amendments empower a “regulated person” or a financial entity, to engage a third party to carry out a series of checks to ensure a customer’s identity, or Customer Due Diligence (CDD) and also verify the identity of beneficial owners.

“Provided that despite the third party reliance, the regulated person shall remain liable for any failure to apply the indicated CDD measures,” the SECP said.

The amendments also make it mandatory for the financial institution to ensure that their foreign branches and majority-owned subsidiaries in countries which do not sufficiently apply the FATF’s recommendations, apply Pakistan’s AML & CFT measures “to the extent that host country laws and regulations permit.”

“If the foreign country does not permit the proper implementation of AML/CFT measures consistent with that of Pakistan requirements, financial groups should apply appropriate additional measures to manage the risks, and inform the Commission when a foreign branch or subsidiary is unable to observe appropriate AML/CFT measures,” it added.

The revised regulations also state that an account will be classified as dormant after three years of inactivity, as opposed to the previous threshold of five years. The amendments also contain regulations for opening a bank account for mentally disabled persons, such as proper verification of the identity documents of the disabled person and their court-appointed managers.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 10 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.

Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.4 285.95
Euro EUR 307 310
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 741.76
Qatari Riyal ‎QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold price drops in Pakistan; Check out today gold rates here

Gold prices decreased in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 10 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.

Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.

In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 216,300 PKR 2,486
Karachi PKR 216,300 PKR 2,486
Islamabad PKR 216,300 PKR 2,486
Peshawar PKR 216,300 PKR 2,486
Quetta PKR 216,300 PKR 2,486
Sialkot PKR 216,300 PKR 2,486
Attock PKR 216,300 PKR 2,486
Gujranwala PKR 216,300 PKR 2,486
Jehlum PKR 216,300 PKR 2,486
Multan PKR 216,300 PKR 2,486
Bahawalpur PKR 216,300 PKR 2,486
Gujrat PKR 216,300 PKR 2,486
Nawabshah PKR 216,300 PKR 2,486
Chakwal PKR 216,300 PKR 2,486
Hyderabad PKR 216,300 PKR 2,486
Nowshehra PKR 216,300 PKR 2,486
Sargodha PKR 216,300 PKR 2,486
Faisalabad PKR 216,300 PKR 2,486
Mirpur PKR 216,300 PKR 2,486

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