Islamabad: The IMF has demanded effective measures from Pakistan to prevent trade-based money laundering, has emphasized monitoring and supervision of lawyers, law firms and jewelers and bringing them into the tax net, while also setting a target of implementing an electronic system for transparency in the government procurement process. According to sources, several demands have been made by the IMF in the second economic review negotiations to get the third tranche of $1.2 billion from the IMF and a report has been sought from Pakistan on the risks and possible impacts of possible trade-based money laundering. The IMF has directed strict monitoring of non-financial businesses and professionals and has emphasized transparency in government procurement and sale of non-essential assets. According to sources, the businesses that the IMF has asked to monitor to prevent money laundering include lawyers, law firms, accountants, auditors and real estate agents. Those dealing in gold, silver, gems and precious metals will also be monitored. Those registering new companies, managing shareholders and directors will also be kept under surveillance.
The IMF has demanded that the electronic procurement system be effectively implemented in government procurement so that transparency in government purchases and sales can be ensured, and the sale or disposal of government assets can also be made transparent.
According to sources, the e-PAID system includes online issuance of tenders and online scrutiny of bids. Less human intervention in government procurement will prevent corruption, and the real owners and beneficiaries, including contractors, can be identified.
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