PESHAWAR: The Khyber Pakhtunkhwa (KP) government decided on Friday to expand the scope of surveillance of all financial affairs across the province in a bid to help remove Pakistan from the Financial Action Task Force (FATF) gray list ).
According to the details, more than 2 million cash transactions across the province will be monitored, traders will be required to provide relevant justification and records for suspicious transactions, registration of all real estate and gemstone traders will be completed while the land transfer process will also be monitored regularly.
The decision was taken during a meeting chaired by the Chief Secretary of the KP to discuss measures taken by different government agencies to combat money laundering. Participants stressed the need for more action to comply with FATF recommendations, reminding the meeting that a delegation from the working group will visit Pakistan in July.
The meeting was informed that the Designated Non-Financial Businesses and Professions Directorate has been established while work has been initiated on data sharing, liaison and collaboration to combat money laundering. It was stressed that it is necessary to sensitize the heads of all administrative departments and related to all institutions.
The Minerals Secretary informed the meeting that a 19th year officer has been appointed as the focal point for the registration process for dealers involved in the mining industry and in particular those associated with the gemstone industry.
The process of buying and selling properties will also be monitored and all registered dealers will be required to provide proof of business transactions and other information if authorities report it. Meetings were also held with resellers associated with the jewelry sector in this regard.
Similarly, it was decided to establish procedures for precious stones and minerals imported from Afghanistan. These gems and antiques are exported from Peshawar to Singapore, Thailand and other parts of the world.
In the meantime, the meeting was informed that 209 illegal housing companies have also been identified across the province, details of which will be provided to the Designated Non-Financial Businesses and Professions Directorate, while it is also proposed to monitor the financial transactions of housing companies in the province.
The meeting also resolved to compile a register of cash transactions of over Rs2 million for which the task will be given to the Director of Land Records and the Deputy Registrar of the Board of Revenue. The Deputy Registrar must compile a cash payment record of more than Rs 2 million for the sale and purchase of all land and provide it to the Directorate of Designated Non-Financial Businesses and Professions.
It may be mentioned here that the Chief Secretary of the Province has appointed the Home Secretary as the focal point for liaison with the management.