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  • PMC Bank Crisis: 80-year-old protester who deposited Rs 90 lakh passes away after protests

    On Monday, a 51-year-old man, a PMC customer, died after attending protests. The man was identified as Sanjay Gulati suffered a cardiac arrest after he lost his life savings to the scam.

     
     

    According to Repulicworld.com, 51-year-old Gulati had lost his job at Jet Airways. On Monday, he attended a protest morcha against the PMC bank. Later, when he returned home he suffered massive heart failure due to stress while he was having food. Sanjay was under a lot of stress as first he had lost his job in the Jet Airways and now his life savings were stuck in the PMC Bank, as per reports. Gulati's family has Rs 90 lakh held up in the Oshiwara branch.

    On Monday, Finance Minister Nirmala Sitharaman said she is closely monitoring the developments at PMC Bank, and the RBI governor has assured that customers' interest will be protected.

    The police registered an FIR against the top officials of the Punjab and Maharashtra Co-operative (PMC) bank and the promoters of the HDIL, Rakesh Wadhwan, and Sarang. The bank allegedly continued giving loans to the debt-ridden HDIL from 2008 to 2019 despite the previous loans the firm defaulting on earlier loans. This resulted in a loss of nearly Rs 4,355 crore. The ED's criminal case of money laundering is based on a recent FIR filed by the Mumbai Police's Economic Offences Wing (EOW) alleging irregularities in the financial and loan-giving affairs of the bank.

WORLD

  • Pakistan complied with 36 of 40 FATF parameters: APG

    Islamabad: The Asia/Pacific Group on Money Laundering (APG) has published its report on money-laundering and terror-financing in Pakistan which says that Islamabad has largely but partially complied with 36 of the 40 parameters set by the Financial Action Task Force (FATF) at the time of the country's inclusion in the grey list.

    The long-awaited 228-page report, titled "Mutual Evaluation Report 2019" was published on Saturday, a week before the FATF - the international money-laundering and terror-financing watchdog - is set to announce its decision to remove or retain Pakistan in its grey list, Geo News reported on Monday.

    The repor would provide a basis for the FATF to make its decision in an upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan's compliance with the parameters it had set earlier.

    However, it pointed out that Islamabad only missed four of the total 40 parameters that it was to follow in order to be effectively removed from the list.

    The report said Pakistan's performance on international cooperation was moderate.

    It also stressed on the country's weakness pertaining to risk, policy and coordination; supervision; preventive measures; legal persons and arrangements; financial intelligence; money-laundering (ML) investigations and prosecution; confiscation; terror-financing (TF) investigations and prosecution; TF preventive measures and financial sanctions; proliferation-financing (PF) financial sanctions.

    Last month, a high-level Pakistani delegation led by Economic Affairs Minister Hammad Azhar had attended a two-day meeting with the APG to discuss Islamabad's progress on the FATF action plan.

    Earlier in August it was reported that out of 40 universal recommendations of FATF, Pakistan's rating was partially and non-compliant on 30 recommendations and performance was also below par on 10 as against 11 Immediate Outcomes, The News International said.

    Out of total 11 Immediate Outcomes, only on one indicator effectiveness was found moderately effective and on rest of 10, the rating was ineffective.

    The FATF review had placed Pakistan into grey list in June 2018 and had given 27 action plans till September 2019 to comply for coming out from the grey list.

    This upcoming review of the FATF meeting in Paris will now decide the fate of the country with three possibilities -- excluding it from grey and put into green list, continuing it into grey list with extended period of nine to 12 months and thirdly in worst case scenario putting the country into blacklist, having dire consequences for the country's economy.

     
     
     

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