International News
FATF expected to move Pak out of grey list after 52 months
Pakistan expects the much-awaited welcome news as the Financial Action Task Force (FATF) is expected to move the country out of its grey list during the two-day plenary session starting on Friday in Paris.
State Minister for Foreign Affairs Hina Rabbani Khar is currently in Paris to attend the meeting, Geo News reported.
The FATF will hold its first plenary under the two-year Singapore Presidency of T. Raja Kumar on Friday and Saturday.
“Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the UN, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings in Paris,” said the Paris-based global watchdog on dirty money.
The watchdog will announce the outcome at a press conference after the meeting concludes.
The country has remained on the ignoble list for almost 52 months, Geo News reported.
In September this year, a 15-member FATF inspection team and its Sydney-based regional affiliate, Asia Pacific Group, flew to Pakistan.
Team members assessed the country’s rules, regulations, and institutional mechanisms.
The FATF team scrutinised arrangements placed by the ministries, relevant departments, regulators, and law enforcement agencies to verify whether or not these systems and procedures were sustainable to combat money laundering and terror financing on a permanent basis.
The plenary will make the final decision after examining the assessment by the on-site team that visited Pakistan last month.
Based on the team’s report, the FATF is expected to provide relief to Pakistan after verifying the country’s steps to implement the plan of action.
Finance Minister Ishaq Dar, speaking to the media in Washington last week, assured that Pakistan will soon move out of the grey list.
The FATF placed Pakistan on its grey list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sectors to fight money laundering and combat terror financing considered a serious threat to the global financial system, Geo News reported.
Islamabad has attempted to get its name struck from the grey list since.
The FATF tasked Pakistan to implement two different action plans simultaneously, and the country has accomplished the conditions of the watchdog.
In June this year, the FATF expressed satisfaction that the country complied with all 34 points and recommended an onsite visit to verify the progress made by the country.
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan.
But later the number of action points was enhanced to 34.
The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with the 40 recommendations of the FATF.
Business
Taxes, margins eat half of Pakistan’s petrol price, consumers cry: Report

New Delhi, April 4: Pakistani consumers are bearing almost half of petrol’s retail cost in the form of government levies and industry profit margins, an internal government document has revealed, coming just a day after a massive increase in the prices of both petrol and diesel was announced, a report said.
Petroleum Minister Ali Pervaiz Malik, speaking alongside Finance Minister Muhammad Aurangzeb at a press briefing, announced a Rs 137.23-per-litre rise in petrol prices, pushing the retail rate to Rs 458.41 per litre.
Moreover, high-speed diesel climbed even more steeply, up Rs 184.49 per litre to a new benchmark of Rs 520.35.
Both hikes were attributed to disruptions in the global oil supply chain stemming from the ongoing conflict in the Middle East.
The Ministry of Energy’s pricing document lays bare a cost structure that places the ex-refinery price of petrol at Rs 247.15 per litre — less than the Rs 211.26 per litre piled on through taxes and margins.
Of that non-product portion, a petroleum levy alone accounts for Rs 160.61 per litre, followed by Rs 24.12 in customs duty and Rs 2.50 under the climate support levy.
The inland freight margin adds another Rs 7.52, while oil marketing companies (OMCs) collect Rs 7.87 in profit and pump dealers retain an Rs 8.64 commission per litre.
The picture is markedly different for diesel consumers. The ex-refinery price of high-speed diesel stands at Rs 461.23 per litre, and, unlike petrol, diesel currently attracts no petroleum levy.
In addition, combined taxes and margins on diesel total Rs 59.12 per litre — 11.36 per cent of the retail price — comprising Rs 35.74 in customs duty, Rs 4.37 for inland freight, Rs 7.87 in OMC profit, Rs 8.64 for dealers, and the Rs 2.50 climate levy.
The disclosures have drawn fresh scrutiny to the government’s fiscal strategy, with petrol’s tax-and-margin share more than four times that of diesel, even as pump prices for both fuels reach record highs.
International News
US jets shot down over Iran; rescue underway

Washington, April 4: A US Air Force F-15E Strike Eagle was shot down over Iran, triggering a combat search-and-rescue operation, with one crew member rescued and another still missing.
Both crew members ejected from the aircraft. One has been found alive, while efforts continue to locate the second, whose status remains unclear. The F-15E is a two-seat multirole fighter with a pilot and a weapons systems officer.
In a separate incident the same day, a US Air Force A-10 Thunderbolt II attack aircraft was also lost in the region. Its pilot was rescued safely, people familiar with the situation were quoted by local media outlets.
Initial US indications suggest both aircraft were hit by Iranian fire. Iran claimed it had downed an American fighter and circulated images purportedly showing wreckage of an F-15E, though the authenticity of those images could not be independently verified.
US Central Command and the Pentagon did not immediately respond to requests for comment.
Videos on social media, reportedly from southwestern Iran, showed US aircraft flying low, possibly conducting combat search-and-rescue (CSAR) missions.
The US Air Force has CSAR teams in the region equipped with HC-130J Combat King II aircraft and HH-60 helicopters. At least one rescue helicopter involved in the operation was hit by Iranian fire but managed to land, according to people familiar with the matter.
The incidents mark the first known combat loss of US crewed aircraft in the current conflict. Earlier, a US Air Force F-35 pilot had “suffered shrapnel wounds” after damage to the aircraft during a mission over Iran on March 19, but the jet was able to make an emergency landing.
Three F-15Es were also “shot down by friendly fire” over Kuwait on March 2, with all six crew members ejecting safely. Separately, a KC-135 tanker “crashed in western Iraq after an apparent midair collision,” killing six airmen.
Iranian state media said the downing of the aircraft would mark the first time Tehran had shot down an American fighter jet since the conflict began weeks ago. Reports also indicated Iranian forces were searching for the missing US service member in the area where the jet went down.
US officials have said American forces continue to operate with air superiority over large parts of Iran and have struck more than 12,300 targets.
International News
Iran rejects US proposal for 48-hour ceasefire: Report

Tehran, April 4: Iran has rejected a US proposal for a 48-hour ceasefire, the semi-official Fars news agency reported on Friday.
The proposal was delivered to Iran through a “friendly” country on Thursday, Fars quoted an informed source as saying.
Washington has stepped up its diplomatic efforts to secure a ceasefire, particularly after an Iranian strike targeted a US “military forces depot” on Kuwait’s Bubiyan Island, Xinhua news agency reported quoting sources.
According to Fars, assessments suggest that the proposal was put forward following an intensification of the crisis in the region and “serious problems” for US forces resulting from their country’s “miscalculation” of Iran’s military capabilities.
The report added that Iran’s response to the offer was not given in writing, but through the continuation of attacks in the battlefield.
Meanwhile, the Iranian army confirmed that its air defence systems shot down a US A-10 “Warthog” attack plane over Iran’s southern waters near the Strait of Hormuz, with the aircraft crashing into the Persian Gulf.
The announcement came shortly after IRGC said that it had downed a US F-35 fighter jet in central Iranian airspace earlier in the day. Later Friday, Iran’s semi-official Mehr News Agency reported that a US Black Hawk helicopter was also hit by a projectile in Iranian airspace while searching for the pilot of the downed US fighter jet.
Yadollah Rahmani, governor of Kohgiluyeh and Boyer-Ahmad province, called on residents in tribal and rural areas to assist authorities in locating “enemy pilots.”
On February 28, Israel and the United States launched joint attacks on Tehran and several other Iranian cities, killing Iran’s then Supreme Leader Ali Khamenei, along with senior military commanders and civilians. Iran responded by launching waves of missile and drone strikes targeting Israel and US assets in the Middle East.
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