Pakistan Agrees To AML Reforms As Part Of $6 Billion Bailout Deal

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Pakistan will implement fiscal and regulatory reforms, including strengthening its controls against financial crime, as part of a 3-year, $6 billion bailout agreement reached with the International Monetary Fund (IMF), the organization said Sunday.

The staff-level agreement, which has yet to be approved by the IMF’s board, would seek to address Pakistan’s “lackluster growth, elevated inflation, high indebtedness and a weak external position,” the fund said in a statement.

Under the plan, Pakistan would implement reforms to strengthen its institutions governance as well as to combat money laundering and the financing of terrorism, among other steps.

Last week, Indian Finance Minister Arun Jaitley said his government would ask the Paris-based Financial Action Task Force (FATF) to blacklist Pakistan for failing to sufficiently adhere to the intergovernmental group’s recommendations on fighting money laundering and terrorism financing, Reuters reported.

Read the original article here: riskscreen.com


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