IMF ‘urges’ Pakistan for strict monitoring of transactions in real estate sector
Key takeaways
- According to sources, the IMF expressed concern over the low number of suspicious transaction reports being filed from the real estate industry and other non-financial business and professional sectors.
- The global lender has also called for urgent measures to curb the growing trend of trade-based money laundering and to address loopholes in the exchange of beneficial ownership information.
- Sources said the IMF has raised reservations regarding Pakistan’s financial monitoring systems, anti-money laundering framework and banking sector oversight.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistan to strengthen monitoring mechanisms for suspicious financial transactions in the real estate sector amid concerns over money laundering and weak regulatory oversight, ARY News reported on Tuesday, citing sources.
According to sources, the IMF expressed concern over the low number of suspicious transaction reports being filed from the real estate industry and other non-financial business and professional sectors.
The global lender has also called for urgent measures to curb the growing trend of trade-based money laundering and to address loopholes in the exchange of beneficial ownership information.