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FATF grey list: Announcement on Pakistan status expected at 7pm

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  • Islamabad needs votes of Turkey, China, and Malaysia to get off FATF grey list.
  • All three countries have assured Pakistan of full support.
  • Hina Rabbani Khar leading Pakistani delegation at FATF meeting.

All eyes are on the Financial Action Task Force’s (FATF) plenary meeting concluding today (Friday), with Pakistan having high hopes to secure an ‘onsite visit’ which may lead Islamabad a step closer to get out of the grey list.

Minister of State for Foreign Affairs Hina Rabbani Khar Friday advised against prejudging and speculative reporting on the FATF meeting’s outcome.

Taking to Twitter, the minister said that the plenary meetings are underway and the FATF will issue a public statement after concluding the meetings tonight.

She further stated that the government has arranged a media briefing at the Ministry of Foreign Affairs on Saturday.

“The FATF Plenary Meetings are continuing in Berlin. FATF will issue a Public Statement after conclusion of the meetings tonight. Prejudging the outcome or speculative reporting could and should be avoided. Government of Pakistan has arranged a media briefing at MOFA on Saturday morning on this issue,” Khar wrote.

He said that the consent and consolation of other countries in the meeting is also significant.

However, he said that matters will take seven to eight months to settle even if Pakistan makes its way out of the watch list as the FATF team will visit Pakistan for an inspection.

Sources said that the FATF had directed Pakistan to fulfil 34 conditions in two stages, which Pakistan accomplished. The country fulfilled 32 out of 34 conditions in the last FATF meeting and completed the remaining two in this meeting.

They said that the final decision could be delayed till the next FATF meeting scheduled to take place in Paris in October.

Pakistan had launched a massive diplomatic effort to get off the FATF grey list. Khar, who is also the chair of Pakistan’s National FATF Coordination Committee, is leading the Pakistan delegation at the plenary meeting that started on June 14.

Pakistan needs the votes of Turkey, China, and Malaysia to get off the list, and all three countries have assured the Pakistani authorities of full support. That’s why there are now bright chances that Pakistan may finally exit the FATF grey list after its current meeting being held in Berlin, Germany.

Germany, the US, and other countries have also expressed partial support for Pakistan’s demand for exclusion from the FATF grey list.

According to sources, during the recent visits of Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar to different countries, important discussions took place regarding FATF. In all these meetings, a soft attitude towards Pakistan was expressed by important countries.

Pakistan has implemented almost all points of the FATF Action Plan, except for the penalties, and Pakistan has made prosecutions and all relevant legal amendments.

Pakistan was placed on the FATF list of countries under increased monitoring in June, 2018. 

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PMD: Isolated rain is expected, although humid weather is expected to persist.

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The majority of the country is predicted to have hot, muggy weather during the next 24 hours, according to the Pakistan Meteorological Department’s (PMD) prediction.

Nonetheless, isolated locations in Gilgit-Baltistan, Khyber-Pakhtunkhwa, Kashmir, Potohar Region, Islamabad, Punjab, southeastern/upper Sindh, and northeastern Balochistan are likely to see rain, windstorms, or thundershowers.

The upper and central regions of the country are being affected by monsoon currents originating in the Arabian Sea, as per the synoptic scenario. A westerly wave is presently over the upper regions and is expected to impact the central and upper regions starting tonight.

In the past day, there have been rainstorms, thundershowers, and windstorms in Kashmir, northeastern Balochistan, upper Khyber Pakhtunkhwa, Punjab, Islamabad, southeast/lower Sindh, and northeastern Balochistan. Some isolated areas have also seen considerable rainfall. In other regions of the country, the weather was hot and muggy.

With a high of 47 degrees Celsius over the past 24 hours, Sibbi has continued to be the warmest location in the nation.

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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LHC requests a federal government response to the increase in fuel costs.

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Regarding the increase in the cost of gasoline and diesel, the Lahore High Court (LHC) has asked the federal government for a statement.

Hearing the application from the Judicial Activism Panel was Justice Shahid Karim of LHC.

During the case hearing, arguments were made by petitioner Azhar Sidddique.

The petitioner’s attorney claimed that the general public was no longer able to obtain gasoline or power. Inflation has been made worse by the increase in gas costs, he continued.

According to the applicant, there was no justification provided by the government for raising the price of petroleum.

The rise in petroleum products was carried out at prices that were in line with the world market, according to the Assistant Advocate General.

The federal government’s approach for fixing gasoline prices was questioned by the court, which also ordered clarification of the process.

The federal government’s response to the court’s request to postpone the case hearing on the rise in petroleum prices was obtained.

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