Islamabad [Pakistan], May 12 : The IMF has called on Pakistan to take swift and strict action against trade-based money laundering ahead of the federal budget for FY 2026-27, according to Samaa TV.
As per the report, the IMF has raised concerns over suspicious financial activities across several sectors, including trade, banking, real estate, and non-financial businesses. It has urged the government to curb money laundering practices being carried out through trade channels during budget preparations.
The IMF also highlighted gaps in the system for sharing beneficial ownership information and stressed the need to strengthen financial oversight mechanisms. It noted weaknesses in the monitoring of suspicious transactions across banks, non-financial businesses, and other key areas, and called for an increase in suspicious transaction reporting from non-financial entities.
Samaa TV reported that the Monetary Fund expressed particular concern over low levels of reporting of suspicious financial activity in the real estate sector, describing the performance of the DNFBP (Designated Non-Financial Businesses and Professions) framework as unsatisfactory.
The Federal Board of Revenue had set up this system to oversee real estate transactions, with suspicious activity reports being forwarded to the Financial Monitoring Unit.
The report said that the FBR has stepped up investigations into alleged undeclared income, including raids on housing societies, as part of efforts to track hidden wealth and improve compliance in the property sector.
As mentioned in the report, an IMF delegation is expected to arrive in Pakistan to finalise proposals for the upcoming budget. Talks with the Ministry of Finance are set to begin tomorrow and are likely to continue for about a week.
Samaa TV highlighted that the discussions will cover tax revenue targets, fiscal planning, economic strategy, and development spending, along with measures to align government expenditure with budget goals.
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