Govt complied with another FATF demand by banning new savings accounts
RAWALPINDI: Pakistan Post has banned the opening of new savings accounts after which another demand of FATF has been met.
According to Express-News, Pakistan Post has banned the opening of new savings accounts. The ban will be effective from November 16, but the old accounts will continue to operate.
In addition, the sale of new savings certificates was banned. Formal notification of both restrictions has been issued.
Online computerization of GPOs and post offices across the country has also been initiated by the SBP, with the aim of keeping fully computerized data of remittances from post offices across the country.
The restriction on savings accounts will remain in place until the complete computerization of savings accounts. It should be noted that one of the conditions to be followed to get Pakistan out of the FATF gray list is the elimination of savings accounts.