ISLAMABAD: The Pakistani government is struggling to regulate millions of dollars of informal gold business in the country by bringing jewelers into the tax net to fulfil one of the conditions of the Financial Action Task Force, officials said on Wednesday.
The global financial watchdog placed the country on its grey list in June 2018 for deficiencies in its system to counter practices like terror financing and money laundering.
Since then, Pakistan has largely addressed 26 out of 27 items on the action plan it first committed to after being placed on the list.
The FATF has been pressing Pakistan to regulate all its businesses and economy to minimize chances of money laundering and terror financing through informal sectors like gold business and prize bonds.
The country has already restricted the buying and selling of the bonds in unconventional ways and now turned its eye toward the gold business.
“It [the gold] is one of the most unregulated sectors that need to be regulated. A directorate-general has been constituted for this purpose,” Syed Nadeem Hussain Rizvi, a Federal Board of Revenue (FBR) member, told Arab News on Wednesday.
He said the directorate-general was working on a regulation mechanism to make the gold business part of the country’s formal economy.
“The FATF is concerned about regulation of such businesses,” he added.
Jewelers and gold businessmen have been resisting the FBR decision to document the sector, saying it would lead to their harassment and curtailment of the business unless the government made a more holistic effort to digitize the overall economy.
President of All Sindh Sarrafa Jewelers Association Haroon Rasheed Chand said he had called a meeting of goldsmiths and jewelers on Friday to discuss the issue.
“We have been regularly paying all income and sales taxes, but even then we are harassed in the name of informal business,” he said while talking to Arab News.
Chand maintained different government agencies were forcing the jewelers to reveal their gold and jewel transactions worth Rs2 million or more, “creating panic in the market.”
“We are ready to cooperate with the government in its efforts to remove its name from the FATF grey list, but the authorities should not force small gold shops to register for sales tax because this will adversely impact their business,” he added.
Economists and experts believe that black money worth millions of rupees can be easily converted into gold and prize bonds and kept anywhere without legal ownership. They said the government agencies could not determine the ownership of gold and jewelry due to loopholes in the current legal system and mechanisms.
“The government will face resistance from the informal sector, but it should go ahead with its plan to document the economy and register all jewelers and gold businessmen,” Syed Atif Zafar, chief economist at the Topline Securities, told Arab News.
He said the country had already tried to document the real estate sector and stock market.
“The government has taken a good initiative, though it will take some time to materialize,” Zafar added. “The documentation of the gold sector is not just important to fulfill the FATF condition but also to increase the country’s tax base.”
Pakistan struggles to regulate informal gold business to fulfill FATF conditions
https://arab.news/4g2pw
Pakistan struggles to regulate informal gold business to fulfill FATF conditions
- The country’s Federal Board of Revenue has set up a body to regulate gold business by bringing jewelers into the tax net
- An association of goldsmiths says its members are willing to cooperate with the government, but they should not be harassed in the name of regulating the sector
West Indies 54-5 in chase of 251 in spin-dominated Pakistan Test
- Sajid Khan impresses again by taking four wickets against West Indies
- Jomel Warrican took 7-32 in spin-tricky overs to bundle Pakistan out for 157
MULTAN, Pakistan, Jan 19, 2025 : Pakistan spinner Sajid Khan struck four times to leave the West Indies in deep trouble on 54-5 at lunch on the third day of the first Test in their chase of 251 for victory.
The West Indies need 197 runs to win while Pakistan are chasing five wickets in a battle between the two basement sides in the World Test Championship.
On a Multan Stadium pitch that has sharp turn, the West Indies lost skipper Kraigg Brathwaite (12), Keacy Carty (six), Kavem Hodge (nought) and Mikyle Louis (13) — all to Sajid, who has figures of 4-25.
In the last over before the lunch break, fellow spinner Noman Ali trapped Justin Greaves leg before for nine to give Pakistan a sniff of victory.
Alick Athanaze was unbeaten on 12.
Earlier, Jomel Warrican finished with 7-32 in 18 spin-tricky overs to bundle Pakistan out for 157 after they resumed on 109-3, managing to add just 48 runs.
Warrican tore through the Pakistan batting line-up with nagging line and length to claim match figures of 10-101, his first 10-wicket haul.
His previous best innings figures of 4-50 came against Sri Lanka at Galle in 2021.
He also improved on the previous best figures by a West Indian in Pakistan, held by fast bowler Malcolm Marshall with 5-33 at Lahore in 1986.
Warrican dismissed overnight batter Saud Shakeel with the first ball of the day for two and then had Mohammad Rizwan in his next over for the same score.
He continued the demolition act with the wickets of Kamran Ghulam (27), Noman (nine) and Sajid (five).
Fellow spinner Gudakesh Motie ending the innings by dismissing Salman Agha for 14.
The second match starts from January 25, also in Multan.
Pakistan livestock exhibition in Karachi draws over 1.2 million visitors in two days
- Three-day expo showcases 2,000 animals, over 1,000 birds, numerous reptiles, falcons and pets
- Sindh livestock official says event’s main purpose is to connect breeders, investors and farmers
KARACHI: Pakistan’s largest livestock exhibition featuring thousands of animals in the southern port city of Karachi has drawn more than 1.2 million visitors in the past two days, as per an official, with the three-day event set to conclude today, Sunday.
The exhibition has been organized by the Sindh government at the city’s Expo Center. It showcases a diverse range of livestock which includes over 2,000 animals, 1,000 birds and numerous reptiles, falcons and domestic pets.
Dr. Nazeer Hussain Kalhoro, director-general of the Sindh Livestock Department, told Arab News on Saturday that the main purpose of the event was to ensure collaboration among breeders, investors and farmers.
“The motto of this Sindh livestock expo is to connect, collaborate and thrive,” Kalhoro said.
“So, we are connecting people, and then we are signing MoUs to collaborate with each other. And then finally, there will be the development when we will thrive together.”
The official said that this was set to be the “largest Pakistan expo ever we have seen,” adding that the exhibition had been visited by 0.6 million people daily since it began on Friday.
He said the numbers were expected to increase on the last day, which was a Sunday.
Shakir Umar Gujar, president of the Dairy & Cattle Farmers Association, said it is essential to showcase Pakistan’s livestock globally through such exhibitions.
“At the same time, these expos help farmers learn and adopt measures to enhance their production,” he said.
“Livestock is a crucial component of the national economy, and such exhibitions are beneficial for farmers.”
Syed Nazeer Hussain, 45, was happy his children got to learn about the various animals in the country through the expo.
“They’ll get to see and learn about our culture, the various breeds of animals we have in Pakistan, and gain awareness while being entertained,” he told Arab News.
Dr. Kalhoro pointed out that climate change, combined with issues such as water scarcity and outdated farming technologies, has drastically altered Pakistan’s agricultural landscape. This added to the livestock sector’s importance.
“When we got independence in 1947, the contribution of the crop sector was about 68 percent, and the livestock sector was only 32 percent,” he said.
“Now this has been reversed because of climate change, because of the unavailability of the water, different technologies, and the seed problem.”
This shift, he noted, is directly tied to climate variability, which has led to poor crop yields, rising costs, and an overall decline in traditional farming practices.
Livestock, on the other hand, was thriving and the provincial government was trying to use it to generate capital for the country.
“Pakistan is having 225 million herds of livestock farmed livestock,” Dr. Kalhoro said. “It means that we are now harboring the third largest herd of milk-based or meat-based animals in the world,” he said.
Muhammad Mikael Abbas, a student of grade five, was quite enthralled with the exhibition’s offering.
“I saw cows, goats, sheep, dogs, parrots, and birds of all breeds,” Abbas said. “It was really enjoyable, and we’re still exploring to see what else might be here.
“We’ll check everything out.”
21 Pakistani nationals among survivors of Morocco boat tragedy— FO
- Migrant boat sank off Morocco’s coast this week with reportedly 86 on board
- Pakistan says coordinating with Morocco to finalize repatriation procedures
ISLAMABAD: Twenty-one Pakistani nationals are among the survivors of a migrant boat that sank off the coast of Morocco recently, the foreign office said on Sunday, stating that food and medicines were being arranged for them.
Pakistan’s foreign office confirmed on Thursday that a migrant boat with 80 passengers on board, including several Pakistanis, had capsized near Morocco en route to Spain.
According to Moroccan authorities, 36 people were rescued on Wednesday from the vessel, which had departed Mauritania on Jan. 2. The boat had 86 migrants on board, including 66 Pakistanis, according to minority rights group Walking Borders.
“Based on verified information, twenty-one Pakistani nationals have been identified among the survivors of a maritime incident near Dakhla, Morocco,” the foreign office said in a statement.
“Through our diplomatic mission in Rabat, immediate assistance has been mobilized for the affected nationals,” it added.
The foreign office said it had arranged essential provisions including food, water, medicine and clothing for the survivors through the Pakistan embassy in Rabat. It said local authorities in Dakhla are providing shelter and medical care in response to Pakistan’s diplomatic outreach.
“Government remains in close coordination with relevant authorities in Morocco to ensure comprehensive support for our affected citizens and finalize repatriation procedures,” the foreign office said.
“We are committed to safeguarding the welfare of overseas Pakistanis and will continue to monitor the situation closely,” it said.
The development takes place after Pakistan’s Deputy Prime Minister Ishaq Dar, who also serves as Pakistan’s foreign minister, held a meeting in Islamabad to review the situation on Saturday.
Media reports claim almost all the Pakistanis who were on the boat were from cities in the eastern Punjab province.
The government has intensified its efforts in recent months against human smugglers who facilitate perilous journeys for illegal immigrants to Europe and has made several arrests.
Prime Minister Shehbaz Sharif has called for enhanced cooperation with international agencies, seeking swift action against human trafficking networks.
The incident near Morocco once again highlighted the perilous journeys many migrants, particularly Pakistanis, undertake due to conflict and economic instability in their home country.
In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel sank in international waters off the southwestern Greek town of Pylos.
It was among the deadliest boat disasters ever recorded in the Mediterranean Sea.
Pakistan holds joint sailing operations with Italian Navy in Gulf of Oman
- Joint sailing operations provided unique training platform for cadets, says Pakistan Navy
- Pakistan Navy regularly partakes in bilateral exercises with countries to foster collaboration
ISLAMABAD: Pakistan Navy’s training ship “Rah Naward” this week conducted joint sailing operations with Italian Navy sail ship Amerigo Vespucci in the Gulf of Oman, the Pakistan Navy said in a statement, saying that the exercise provided a unique training experience for cadets.
The exercise was part of the Pakistani ship’s overseas deployment to Oman, aimed at fostering goodwill and providing practical training to cadets from the Pakistan Naval Academy, the Pakistan Navy said.
It said the exercise offered opportunities for cadets to enhance their skills in joint sailing operations.
“The planning and execution of this exercise, conducted while both ships were on their respective national tasking; exemplifies the high level of coordination and professionalism shared between the two navies,” the Pakistan Navy said.
It said the joint sailing operations provided a unique learning platform for cadets but also showcased distinct sailing techniques of two “Tall Ships” from different regions.
Tall ships are large sailing vessels with tall masts and traditional rigging.
“This interaction underscores the enduring collaboration and growing interoperability between the Pakistan Navy and global naval forces,” it added.
Pakistan Navy regularly partakes in bilateral exercises with regional countries to stem the spread of illegal maritime activities such as human smuggling, piracy and drug trafficking.
Pakistan, Britain reaffirm their resolve to further strengthen bilateral ties
- British high commissioner meets Pakistan's Planning Minister Ahsan Iqbal to discuss bilateral cooperation
- Iqbal highlights financial sector's importance in promoting export growth, enhancing agricultural exports
ISLAMABAD: Pakistan and the United Kingdom reaffirmed their resolve to further strengthen bilateral relations to ensure mutual economic development, state-run media reported this week.
UK's High Commissioner to Pakistan Jane Marriott met Pakistan's Planning Minister Ahsan Iqbal on Saturday during which Pakistan's measures to improve its economy came under discussion.
Iqbal spoke about Islamabad's efforts to eradicate basic education deprivation through public-private partnerships, provincial cooperation to enhance capacity in education, health, and human resources, and significant budget increases for higher education, state broadcaster Radio Pakistan reported.
"Pakistan and Britain have reaffirmed the commitment to foster stronger ties and collaborative efforts for mutual growth and development," Radio Pakistan said in its report.
The minister told the British official that Pakistan's economic strategy includes its aims to address five critical areas including exports, e-Pakistan, environment and climate change, energy and infrastructure, equity and empowerment.
He stressed the importance of Pakistan's financial sector in promoting export growth, enhancing agricultural exports, fostering industrial development and advancing critical areas such as IT, services, mining, workforce export, the blue economy, and innovation, the report said.
Pakistan and the UK have strong military, economic and educational ties, with the latter hosting a large Pakistani diaspora.
