Tag: AML

  • Sheikh Rashid’s bail gets extended

    Sheikh Rashid’s bail gets extended

    An Anti-Terrorism Court (ATC) in Rawalpindi has granted an extension to the interim bail of former federal minister Sheikh Rashid in connection with 10 cases related to the May 9 riots.

    The bail has now been extended until December 9, following a hearing presided over by ATC Judge Malik Ejaz Asif.

    During the proceedings, the court adjourned the hearing at the request of the public prosecutor, instructing both sides to present their arguments in the upcoming session.

    Addressing the court, Rashid asserted that although there are a dozen cases against him related to the May 9 riots, he was not personally present at any of the locations in question.

    After the hearing, while speaking to the media, Rashid urged those responsible to focus on the country’s declining economic conditions and added that the people are concerned with inflation and not elections.

    Referring to PML-N supremo Nawaz Sharif’s return, the Awami Muslim League (AML) leader said that elections are “imminent”.

    On election day, people roaming in Murree “will face the music,” he said.

  • Awami Muslim League Chief Sheikh Rasheed arrested in Rawalpindi

    Awami Muslim League (AML) chief Sheikh Rasheed Ahmed got arrested on Sunday evening in Rawalpindi. Sardar Abdul Razzak Khan, Rasheed’s lawyer, confirmed his arrest, Dawn has reported. 

    “Rasheed was taken into custody by men in plain clothes from a housing society in Rawalpindi,” the lawyer added.

    According to the lawyer, the nephew of the former interior minister has also been arrested.

    In a video message, Sheikh Rashid Shafiq, the nephew of the AML chief, said that his uncle has been arrested from Bahria Town Phase III in Rawalpindi, adding that no one knows about his whereabouts.

    “Both the Islamabad and Punjab police have told the high courts in writing that Sheikh Rasheed is not proclaimed in any case,” he said.

    Shafiq also requested that the higher courts take notice of the incident and ensure the safe recovery of the former interior minister.

    “We will fight the legal battle and have always indulged in politics of principles,” he added.

  • FBR to regulate real estate, jewellers trade to comply with FATF agenda

    FBR to regulate real estate, jewellers trade to comply with FATF agenda

    The investigation against money laundering now extends to real estate, gold, gems, and jewellery, as the federal board of revenue is making new rules to stop the financing of terrorism and money laundering in these areas, DAWN reported

    What does this mean?

    Jewellers will have to document and record the value of their sales and the information will be shared with the FBR. Any suspicious transactions such as buying of selling of gold and precious stones will also have to be reported. Jewellers will also submit a ‘special return form’ with their data. 30,000 jewellers will be recorded by the FBR.

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    Law division and Securities and Exchange Commission of Pakistan (SECP) will also monitor services provided by lawyers and chartered accountants.

    “We have sent these rules to the law division for vetting,” FBR spokesperson and Member Policy Dr Hamid Ateeq confirmed. After vetting, he said, the rules would be notified for implementation.

    These rules will also apply to housing authorities and sub-registrar offices for real estate. Property agents will not be covered under these rules.

    The reason for these new regulations is because Pakistan needs to implement new Financial Action Task Force (FATF) rules.The implementations of these rules will help Pakistan get off the FATF grey list.

    FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020.

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