The government recently took the decision to revamp Pakistan Post to make it more FATF compliant. For this, Pakistan Post’s financial services, processes, and procedures will undergo major improvements.
The Ministry of Communications official revealed this decision to the National Standing Committee on Communications. The Committee was held under the Chairmanship of Ibadullah Khan.
The Secretary Ministry of Communications briefed the Committee about the implementation status of previous recommendations of the Committee.
While reviewing Pakistan Post’s performance, he informed that Pakistan Post’s deficit for 2018-19 was Rs. 9.135 billion which increased to Rs. 10.37 in 2019-20. Also, Pakistan Post’s expenditure for 2019-2020 from Rs. 23.90 billion to Rs.26.35 billion.
However, during the financial year 2018-19, the revenue was Rs. 14.76 billion which increased to Rs.15.97 billion in 2019-2020.
Read more: Pakistan Post incurs huge economic loss
Pakistan was added to FATF’s grey list or formally known as “jurisdictions under increased monitoring”, in June of 2018, because it failed to properly curb terror financing and money laundering in the country.
Currently, Pakistan has made substantial progress on 26 points out of the 27 point FATF Action Plan. To further comply with FATF, the Ministry is planning to revamp Pakistan Post’s financial services, re-engineer and re-visit its processes and procedures.
For Pakistan Post’s restructuring plan, the Bill titled “The Pakistan Postal Services (Amendment) Bill, 2019 (moved by Amjad Ali Khan, MNA)” was presented and the committee decided to defer the bill till its next meeting.
Read more: Pakistan makes progress on 26 points out of the 27-point FATF Action Plan
The government has decided to revamp Pakistan Post’s financial services, re-engineer and re-visit its processes and procedures to make it FATF compliant.https://t.co/ouFuTfI9Sw#PakistanPost #ministryofcommunications #FATF pic.twitter.com/bxLorFNjIh
— Business Recorder (@brecordernews) July 9, 2021
Pakistan Post going through major changes
Pakistan Post previously faced many operational issues. Customers complained of its slow delivery services and expensive charges. Due to such issues, the population began to opt for private postal services.
However, in recent years Pakistan Post received special attention from the government.
During the first nine months of the Pakistan Tehreek-e-Insaf (PTI) government, Pakistan Post took inclusive steps and opted for modern technology.
Pakistan Postal service also took revolutionary steps to improve its efficiency and expand its network across the globe by introducing a variety of innovative electronic services.
These postal services include Electronic Money Order (EMO) at doorstep, Pakistan Post Mobile Application, Pakistan Post E-Commerce Initiative, Computerized Pension Payment System, Western Union (WU), Money Transfer Service Pakistan Post, and PPOD-NBP International Remittance Service.
Read more: Pakistan Post to capture major chunk of e-commerce deliveries
In addition, after Amazon’s decision to open its platform to Pakistani sellers, Pakistan Post announced its partnership with Amazon.
Last month, Pakistan Post set up an Amazon Facilitation Center to assist garments manufacturers and exporters on behalf of the government to sell different items/commodities like garments products, etc worldwide.
Pakistan Post is fully prepared to take advantage of the opportunity provided by Amazon and the department is all set to transport sellers’ consignments from their doorstep to different Amazon warehouses in the world. https://t.co/rhOzvWn2WR
— Dr. Ikramul Haq (@DrIkramulHaq) July 5, 2021