Abdul Rauf Shakoori

SDG 16 & Financial Crimes: Challenges

Op-Ed, Business Recorder

While the global community and regulators strive to eliminate financial crimes and enforce global standards, the U.N, through its SDGs, is actively addressing illicit financial flows. Despite these global efforts, Pakistan, as a responsible country, grapples with challenges such as political and economic instability, a deteriorating law and order situation, and an inadequate response to financial crimes.

Our rating in addressing FATF standards is suboptimal, requiring improvements in the effectiveness of its AML-CFT regime and technical compliance with recommendations.

Additionally, Pakistan’s standing on the corruption perception index is quite unsatisfactory. This is an opportune moment for us to address these challenges. If we do not act promptly, the initiation of our mutual evaluation process becomes imminent according to the amended standards, and ultimately, we may find ourselves attributing our own failures to both the global community and the watchdog.



https://www.brecorder.com/news/40278767/sdg-16-financial-crimes-challenges

Principles and Objectives for Mutual Evaluations and Follow-up Reports by the FATF
FATF mutual evaluations consist of two key elements: technical compliance, assessing the presence and effectiveness of necessary legal measures and institutional frameworks, and effectiveness, evaluating the functionality of AML/CFT/CPF systems and the country's achievement of defined outcomes.

Global Hunger, Food Security Challenges

Op-Ed, Business Recorder

Since Pakistan is an agricultural country, a strategic focus on investments in agriculture is imperative. This involves modernizing farming techniques, advocating sustainable practices, and bolstering irrigation infrastructure for increasing agriculture sector’s share in GDP together with effectively addressing the problem of food security in the country.

The government should redirect resources toward small farmers, offering them training and financial support for better performance and greater productivity. In addition to agricultural reforms, emphasis on the social sector is essential, involving targeted cash transfers, initiatives for education, raising awareness about children’s nutrition and prevention of hunger.



https://www.brecorder.com/news/40277403/global-hunger-food-security-challenges

Pakistan: Leadership Crisis
Op-Ed, Business Recorder
Unfortunately, Pakistan consistently finds itself committing to a series of structural reforms whenever it engages in agreements with the International Monetary Fund (IMF). These reforms span over critical areas, including fiscal consolidation to trim down public debt, reinforcing social safety net to safeguard vulnerable segments, implementing further changes in the energy sector to cut costs, reverting to a market-driven exchange rate, and replenishing foreign exchange reserves.
Additionally, the commitments extend to adopting a proactive monetary policy to control inflation, fortifying financial sector’s resilience, persisting with reforms in state-owned enterprises and governance, and increased collaboration with international partners.

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https://www.thenews.com.pk/tns/detail/1134530-at-a-crucial-crossroads

Rejoice on this splendid UAE National Day! May the essence of unity and progress illuminate your hearts. Wishing the people of the UAE a day replete with pride, joy, and triumph. Happy National Day!

Pakistan: Leadership Crisis

Op-Ed, Business Recorder

Unfortunately, Pakistan consistently finds itself committing to a series of structural reforms whenever it engages in agreements with the International Monetary Fund (IMF). These reforms span over critical areas, including fiscal consolidation to trim down public debt, reinforcing social safety net to safeguard vulnerable segments, implementing further changes in the energy sector to cut costs, reverting to a market-driven exchange rate, and replenishing foreign exchange reserves.

Additionally, the commitments extend to adopting a proactive monetary policy to control inflation, fortifying financial sector’s resilience, persisting with reforms in state-owned enterprises and governance, and increased collaboration with international partners.



https://www.brecorder.com/news/40276107/pakistan-leadership-crisis/