KARACHI, Mar 13 (APP): President Arif Alvi on Saturday said Pakistan was getting stronger economically and needs to effectively project the “Brand Pakistan” to expedite rebuilding its contacts with the world.
“Brand Pakistan has to be projected effectively, as we, after paying a heavy cost, have come out of polarization,” he said emphasizing the need to restore the country’s perception as a vibrant and moderate society on solid lines. He said Pakistan was moving forward on the basis of steady improvement in its economy and social indicators.
Addressing 3rd Financial Crime Summit here he said, “Its impression was tarnished by the enemies and we have to restore it through concerted and collective efforts,” said the President.
The event with the theme “Pakistan’s Regtech – Shoulder to Shoulder with the Government’s vision of addressing Terrorist Financing and Financial Crime,” was
jointly organized by different private sector financial entities of the country, attended
by the representatives of concerned public sector institutions.
President Alvi reminding the fact that Pakistan has been able to comply with 24 of
the 27 FATF conditions, prerequisite to help country getting out of the gray list, referred to
the propaganda it has been subjected to in the international arena.
About steps taken by the government to address the issue of financial crime and
its challenges, he said, no country could afford to buckle down before the
menace and did require strong institutions equally secured for the benefit of its people.
President Alvi said the scenario has led to opportunities leading towards the
vibrant digitization of financial sector of the country. He said it has been proves as a fast way paving for a digitized economy that would help in its documentation.
Mentioning that Pakistan with the series of corrective initiatives at macroeconomic
level, has been able to put the economy in growth mode, he said, this has effected the purchasing power of the masses.
Poverty, identified as a root-cause of this menace, was said to be taken head-on by the government with a direct impact on the people pertaining to low socio-economic strata.
“Ehsaas Program is an example with Rs.200 billion plus disbursement with not a
single complain of any misappropriation,” said President Alvi mentioning that major beneficiaries of the said programme were women.
“Government is encouraging women to be truly empowered,” he said mentioning
that women constituting 52 percent of the country’s total population were non-registered contributors to the economy.
Meaningful efforts were made in bringing them to register for the programme through series of initiatives including discounts in loans procured by them.
“This is unfortunately not being duly publicized,” he said mentioning that the facility was
also available to other relevant sections of the society which, but demanded an environment giving environment of confidence to approach them and avail the facility.
“They are required to be mentored, guided and encouraged by our banks and concerned financial institutions,” said President Alvi.
On the occasion Governor, State Bank of Pakistan (SBP), Dr. Reza Baqir discussing Presidential Initiative for Artificial Intelligence and Cloud Computing said marked growth could be registered in the Digital Financial Services sector of the country in a considerable short span of time.
“It has created tremendous opportunities well evident during the quarter ending last December,” he said.
Sharing details of the same Dr. Reza Baqir said total volume of e-banking grew by 24 percent, while its total value registered a growth of 22 percent as compared to the corresponding period in 2019.
Number of mobile transactions for banking purposes was cited to witness a phenomenal growth of 147 percent while internet portal during same period was
improved by 67 percent.
SBP Governor said the central bank has not only embraced digitization but is also promoting it on efficient lines with equal attention towards seven million to nine million strong population of overseas Pakistanis connected through digitized business.
“Digital financial service revolution is among us and will continue,” said Dr. Baqir
He also referred to recently launched program called “Rast” a faster payment system scheme that not only benefits the clients or users but also is an efficient tool in the
country’s ongoing fight against corruption.
Mentioning that one of the challenges of digital financing was terrorism financing and financial crime, he said the country was taking series of measures to counter these so as to pull the country out of FATF’s grey list.
Country was said to have made steady improvement and presently 24 out of 27 FATF requirements, with regard to financial crimes, have been fulfilled while efforts are fast underway to meet the remaining three.
SBP chief said it was important that local banks must be part of the efforts in handling issues related to money laundering and other relevant crimes for which they need to internalize and ensure pursuing the issue aggressively.
Dr. Reza Baqir agreed that there were series of challenges for the banks and other concerned institutions for which SBP was actively engaged in providing necessary guidelines besides facilitating capacity building of the bankers.
He also emphasized importance of an appropriate balance so that the fight against the
financial crime might not affect the innocent people due to confusion in terms of similarities in their identification ( as names etc.) with that of suspected criminal.
“There is need to be cognizant of possible technical glitches so that hardship is not caused to innocent people getting classified as suspicious element,” he said.
The session was also addressed by Mohsin Nathani, President and CEO, Habib Metropolitan bank and Kazi Rahat Ali, Secretary General, Presidential Initiative for Artificial Intelligence and Cloud Computing.