AML, CFT and FATF Restrictions on Pakistan

AML, CFT and FATF Restrictions on Pakistan
PRMIA Lahore-Islamabad invites you to the second event of the two-part series of virtual events conducted by leading industry professionals.
 
  Date:
January 30, 2021


  Time:
4:00 p.m. - 6:00 p.m. PKT 
11:00 a.m. - 1:00 p.m. GMT
6:00 a.m. - 8:00 a.m. EST

 

 Session Length:
120 minutes

 

Pakistan is a country with a population of over 220 million and has an estimated undocumented economy of over 36%. The economy is running entirely on debt and faces various financial & operational risks which are pushing it towards a possible default. Economic recovery from the Covid-19 pandemic is expected to be weak despite a reopening of the economy, as return of employment and investments would be gradual given that the financial standing of firms has likely been undermined significantly by a nationwide lockdowns. Fitch forecasts real GDP to grow by 0.8% in FY2020/21 in Pakistan. Current account deficit is expected to widen slightly to 1.7% of GDP in FY2020/21 which will be driven by weaker exports and remittances growth. Budget deficit is expected to narrow to 8.2% of GDP in FY2020/21, from the government's estimate of 9.1% in FY2019/20. Fiscal deficit forecast is expected to be wider than the government's target of 7.0% of GDP as the government's projections for revenue collection are highly optimistic. Pakistan is projected to need US$ 27.8 billion to meet external debt service payments from now up-to June 2023 which includes US$ 19.4 billion to the IMF, WB, ADB and various CPEC related payments. External debt is estimated to be US$ 111 billion of which 48.4% is owed to bilateral official creditors and 38.1% to multilateral creditors. SBP is expected to maintain its benchmark policy rate at 7.00% for the remainder of FY2020/21. FBR has envisaged an annual tax collection target of Rs 4,963 billion for FY2020/21 against tax collection of Rs 3,997 billion for fiscal year 2019/2020. FBR requires around 20% growth in order to materialize its desired tax collection target by June 30, 2021. IMF doesn’t expect FBR to achieve its desired revenue collection targets and additional revenue measures in the shape of mini budgets through finance bill or Presidential ordinances are on cards. 

The webinar will focus on risks for the economy and touch upon topics including Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Financial Action Task Force (FATF), CPEC, debt trap, etc. Pakistan remains on the grey list of FATF until February 2021 for six out of 27 unmet action plan targets.

 



Speakers  

  
 
  Dr. Ikramul Haq specializes in constitutional, corporate and tax laws. He is the Chief Partner of international law firm Huzaima Ikram & Ijaz. He has over 30 years’ experience of local and international tax predominantly in banking companies. He has provided structuring and transactional advice on the full range of corporate tax activities, including M&A, reorganizations and structured finance. He is also the Chief Editor of monthly Taxation Journal and Visiting Faculty at Lahore University of Management Sciences (LUMS). He has authored many books including Pakistan Tackling FATF: Challenges & Solutions. 

 
       
  Azizur Rahman is the Former Regional Director of PRMIA chapter and an American trained banker with working experience in Bahrain, Saudi Arabia, New York and Pakistan. He worked as Chief Credit Officer of European American Bank New York USA, Executive Director Pakistan Credit Rating Agency and Chief Risk Officer at Cresbank. He is Certified Risk Manager from Manufacturers Hanover Trust Company, Certified Credit Risk Specialist from New York University and Financial Analyst from American Management Association.
 
       
  Sana Khan, LLM, BCL, CGSS, CAMS-RM, CAMS, CIPM is the Co-Founder of Supportica Group and an experienced lawyer with legal, regulatory, data protection and RegTech expertise. She is a qualified data protection practitioner and has numerous certifications in money laundering and risk management domain. She is also a lecturer and regularly speaks in conference, seminars & webinars on data protection, anti-money laundering and compliance.     

 
       
 

Moderator:

Fahad Zafar is the Member Global Council PRMIA, Director PPP Consultants, Former Chief Risk Officer of a commercial bank, Former Executive Manager Ernst & Young (EY) and is Visiting Faculty at Bradford University. He has advised power plants, safe city, affordable housing, technology startups, FinTechs, etc. He is a regular writer in leading international publications and academic journals. He has MBA from Bradford University United Kingdom and BSc (Hons) from Middlesex University United Kingdom.  
 





Continued Risk Learning Credits: 1

PRMIA Continued Risk Learning (CRL) programs provide you with the opportunity to formally recognize your professional development, documenting your evolution as a risk professional. Employers can see that you are not static, making you a highly valued, dynamic, and desirable employee. The CRL program is open to all Contributing, Sustaining, and Risk Leader members, providing a convenient and easily accessible way to submit, manage, track and document your activities online through the PRMIA CRL Center. To request CRL credits, please email chaptersupport@prmia.org.

 
When
1/30/2021 6:00 AM - 8:00 AM
Where
Virtual Chapter Event
 

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