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Intelligence Bureau Shares Crucial Financial Intelligence to Remove Pakistan from FATF Grey List and Disrupt Terror Financing

Date: August 17, 2023

Pakistan’s Intelligence Bureau (IB) has shared 47 highly sensitive financial reports and 91 crucial financial intelligence pieces with anti-money laundering agencies to remove Pakistan from the Financial Action Task Force (FATF) grey list. This revelation comes from the “Important Economic Security Operations 2022-23” report.

According to documents obtained by ‘Jang News Paper’, the IB provided sensitive information and evidence to entities including the Financial Monitoring Unit (FMU), the Federal Investigation Agency (FIA), the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), NACTA, the Ministry of Foreign Affairs, the Securities and Exchange Commission of Pakistan (SECP), and the Prime Minister’s Office. This move has resulted in Pakistan’s removal from the FATF grey list and the country benefiting from over Rs. 100 billion.

The IB report highlighted that as a response to FATF demands, the intelligence agency provided evidence against anti-money laundering and terror financing in the form of financial monitoring, intelligence sharing, and evidence collection. These efforts have led to significant financial recoveries and disruptions.

The IB’s rigorous efforts have also revealed suspicious currency exchanges involving over 187 entities across Pakistan who conducted suspicious transactions worth millions of rupees via hawala channels.

Furthermore, terrorist organizations including TTP, BLA, and TNSM collected a staggering amount of Rs. 57.9 million during the occasions of last Ramadan and Eid al-Adha. These banned outfits raised significant funds through extortion, kidnapping, and coercion for ransom.

IB collaborated with other law enforcement agencies to conduct intelligence-based operations, resulting in the recovery of Rs. 4.78 billion that was being used for money laundering and terrorist financing.

The operations led by IB authorities also thwarted attempts to smuggle heavy quantities of gold, jewelry, and weapons out of Pakistan through the Thar border.

In its endeavors, the IB shared the names of 29 prominent political figures and 89 high-ranking government officials with the Prime Minister. These individuals are involved in smuggling billions of rupees’ worth of petrol from Iran into Pakistan.

These developments underscore the efforts of Pakistan’s Intelligence Bureau in actively countering financial crimes and terror financing, contributing to the country’s progress in meeting international standards and combating illicit activities.

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