Converting Rs25,000 prize bonds into prime bonds proposed

The Ministry of Finance has proposed to the government to convert Rs25,000 prize bonds into prime bonds, a move aimed at meeting another Fatf conditionality, reported 24NewsHD TV channel on Friday, quoting sources.

The Finance Ministry also proposed to launch the registration of the Rs25,000 prize bonds as soon as possible. It was also suggested to make mandatory provision of CNIC number and filling of a State Bank of Pakistan form to obtain the prize money.

The sources confided to 24NewsHD TV channel that the development is aimed at allaying the concerns of the Financial Action Task Force (FATF) that has put Pakistan on its grey list over reported failure to check money laundering and terror financing.

The prize on all types of denominations will not be given in cash but will be transferred to the accounts of the bond-holders.

The government had earlier discontinued the Rs40,000 denomination prize bonds to check the practice of parking ill-gotten money through these bonds in line with the Fatf guidelines.