The State Bank of Pakistan (SBP) on Thursday 25th of October 2019 issued detail instructions regarding the facilitation of overseas Pakistanis for using their bank accounts in Pakistan. Under the new rules, the overseas Pakistanis can now use their accounts in Pakistan by providing details of their Passport, visa CNIC, National Identity card for overseas Pakistanis (NICOP) as an alternative to their bio metric verification. Pakistanis who are temporarily out of the country for any reason can use their accounts from abroad by providing the relevant documents, such as their copy of passports, visa, residence permit, expected date of return, and a few other documents and then they would be able to use their accounts.
The overseas Pakistanis had accompanied that their bank accounts were not accessible from abroad and they could not send their remittances. Under the new rule, the overseas Pakistanis would now contact their banks on email and after completion of the documentation process; they would be able to send their remittances in Pakistan.
Pakistan has been implementing tough fiscal controls to comply with the FATF conditions to get it’s name out of the grey list, monitoring the bank’s transactions to curb money laundering and terror financing is one of the most important conditions of the FATF.