Featured Businesses to follow unrealistic guidelines to escape FATF grey list

[blueazure]

This goes on to show the true face of the traitors ruling Pakistan. These are puppets whose strings are held by foreign masters.

This set of laws is draconian. The first thing that is wrong with them is that they aren't practiced anywhere else in the world. People buy gold, jewelry, property everywhere. Nowhere do they need to prove that they are not PEPs. I have myself bought pure, solid gold. There has never been any problem. Second, the expansive nature of who can declare someone a PEP. Why should Pakistani businessmen care if America declares someone a PEP? And third is the non-symmetric nature of these laws. No one in the world cares if Pakistan declares someone a PEP. Would American businesses take action in this case? The answer is a resounding no.

What is being done here is restricting the free flow of capital. This will force foreign investors to reconsider any investments. This will force local investors to reconsider. It will drive down economic growth. And the absolutely hilarious aspect is that it will affect that moron Imran Khan's house building initiative. All that new housing will first have to go through excruciating scrutiny. Good luck Imran Khan, building any meaningful number of houses.

But wait. Who will stop the wealthy, the powerful, the rich, the well connected? What are a bunch of laws to men of law mortal? Corruption will go on because the corrupt are making the laws, implementing the laws, and adjudicating based on the laws. What will now happen is that poor housewives who used to buy gold as a buffer against inflation will now be asked for proofs which they don't know how to provide. This pushes them to the mercy of tricksters or completely closes the door to effective investment for them. The days of saving every penny in hopes of a brighter future are over. Because the avenues of investment are guarded by thieves.

Down with Imran Khan and Bajwa, the guard dogs of Western masters!!!!!!!

tiger force can come to pakistan and run business

tiger force on pdf thinks every businessman in pakistan is corrupt .

i invite tiger force to do business here.

---------------------


flight of capital from pakistan is already happening .

 

[flameboard]

These standards are already in place in countries across the workd

 

[VCheng]

Pakistani people aka Bani Israel are never happy with anything so its just better to not include them in decision making making processes.

Those crying foul over businesses taking the heat are the same who happily use hawala or other unregulated practices to get their earnings.
Had such measures been implemented twenty years ago, they wouldn’t have to be this strict or draconian.

It is merely amusing to note that those who want the national "do sau billian doller" returned from abroad as corrupt proceeds do not wish to support any steps that would prevent the problem at the roots where it starts. After all, PMIK exhorted the UNGA to takes steps to return monies stolen from the third world by corruption. For such appeals to find traction, one must be willing to take the steps required to curb corruption at the source too.

Are these measures implemented in America, Britain, and France?

Yes, and quite tough in fact.

 

[Vapour]

Glad to note that most posters in this thread understand that these so called "unrealistic guidelines" are actually needed and are important in bringing about equality and justice to the Pakistani economic system.

 

[CriticalThought]

Yes, and quite tough in fact.

Wrong there is no concept of a PEP when buying jewelry or property where I am at. This is total hogwash.

 

[VCheng]

Wrong there is no concept of a PEP when buying jewelry or property where I am at. This is total hogwash.

Please keep in mind that PEPs are only a subset of the people buying jewelry or property, so this law is actually more lax than in most of the West. ALL transactions have a money trace. Try walking into a jewelry shop or a realtor's office store and plunk down a wad of cash to buy a set or a house and see how it goes.

 

[maithil]

First world laws in a third world economy. What could go wrong ?

 

[ColonelSanders]

Wrong there is no concept of a PEP when buying jewelry or property where I am at. This is total hogwash.

Do you live under a rock? Or is it out in the desert?

 

[Pandora]

These are universal laws adopted by all developed nations. Pakistani karobari haram khor like Nawaja and MR 10% just dont want to end money laundering. We have seen from the cases of Showbaaz and Nawaja how these people launder money from their businesses just to evade tax. UAE is like heaven for money launderers through which all countries launder their money nowadays.

 

[khanmubashir]

These businesses cannot do business with politically exposed persons until they are sure about the source of their income and they will also have to identify the customer and beneficial owner before conducting a transaction, according to regulations notified by the Federal Board of Revenue (FBR) on Tuesday.

The Designated Non-Financial Businesses and Professions (DNFBPs) regulations are also likely to increase the cost of doing business for real estate agents, jewellers and accountants besides bringing them under additional scrutiny.


So it would be harder for these corrupt politicians to buy banglow and jewelry from public money

And every one knows that jewelers and real estate agents r very shady in general just try buying jewelry or property from em Vs selling to em

 

[Vapour]

Do you live under a rock? Or is it out in the desert?

I hear there's also private space flights starting soon too, so space might not be too far from being inhabited.

 

[Irfan Baloch]

Let me translate what is going on with these laws. I first entice your brother into a life of corruption by giving him access to easy money. Then I tarnish the name of your entire family as thieves and frauds. Then I impose severe restrictions on how you can perform transactions. And your children clap their hands 'Oh we are so corrupt, thank God they imposed restrictions on us!'. Now when I call people absolutely brainless, shitheaded morons I get warnings @WebMaster @Irfan Baloch

And then this guy has the temerity to tell me I am finding hypothetical problems with these laws. Hey @insight-out if you ever get access to the General Head Quarters where you can see all the posts by everyone, I invite you to read the one I wrote with a liberal use of the word 'Chutiya'.

dont waste your time
your talent
on name calling

its below your level

 

[crankthatskunk]

Let me translate what is going on with these laws. I first entice your brother into a life of corruption by giving him access to easy money. Then I tarnish the name of your entire family as thieves and frauds. Then I impose severe restrictions on how you can perform transactions. And your children clap their hands 'Oh we are so corrupt, thank God they imposed restrictions on us!'. Now when I call people absolutely brainless, shitheaded morons I get warnings @WebMaster @Irfan Baloch

And then this guy has the temerity to tell me I am finding hypothetical problems with these laws. Hey @insight-out if you ever get access to the General Head Quarters where you can see all the posts by everyone, I invite you to read the one I wrote with a liberal use of the word 'Chutiya'.

If you used to get high on someat, go and find it, quick.

 

[ColonelSanders]

@ColonelSanders

True. I have helped my young daughter to step on the property leader.
I paid her deposit and other legal expenses. I have to submit a Gift Undertaking and show proofs of my income for last whole year.

Similarly, I am going through a commercial purchase at the moment, I have to provide full justification to a bank that I have the money and its sources to complete the purchase.

This is quiet common in Europe , USA and Canada.
Pakistanis had bath in the sunshine for far too long without paying any taxes on Properties and other capital gains.
It is about time Pakistan come to reality. All these crooked Businessmen now complaining, wouldn't utter a world when they are facing the questions in the West.

Same goes for all the crooks complaining about providing justification for assets beyond means.
Here you don't need NAB, the HM Inland Revenue would hang you to dry, if you cannot prove your sources of income.
They can confiscate your illegal wealth and properties.

Majority of Pakistani nation is rotten to the core brother. One can only pray that Allah will show them the right path.

 

[AZADPAKISTAN2009]

No problem if some one is buying 100,000 USD worth of Jewelry and their salary is 20,000 Rupees , nice to know how they got the extra money