Summary:
Jewelry traders now need to keep a record of cash transactions in excess of Rs2 million, the FBR said. [KARACHI]
Overview:
Jewelry traders bound to keep the records of cash transactions says FBR. Prior to this month’s Pakistan review, the FBR to meet the FATF’s Financial Action Task Force prevention goals.
It is part of the government’s plans to speed up economic transactions as Pakistan approaches its FATF review, sources were quoted as saying by The News.
New procedures have been issued under the anti-money laundering (AML) and anti-terrorism funding (CFT) and Financial Action Task Force (FATF).
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A jeweler is currently required to keep records of such transactions for at least 5 years after the completion of the transaction.
According to FBR procedures, if a retail person/trader who sells or buys jewelery eg rings, bracelets, necklaces and other physical ornaments may not become a dealer of precious metals and stones in a year or month, but the person starts sell or buy such items over a Rs2 million threshold, in subsequent years or months, the person would be subject to AML/CFT.
A FATF review will take place this month to decide whether to exclude Pakistan from the graylist of countries with weak AML/CFT regulations.
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