Pakistan introduces biometric screening to prevent terror funding through national investment schemes
The Ministry of Finance says is committed to protecting its seven million investors. A bidding process for commercial banks will start and the winning bank will verify the details of existing and new investors.
Biometric verification was well-received by investors.
The bidding process will be started by the State Bank.
Pakistan currently has 376 government investment schemes out of which 223 have been automated already. The Department for International Development (DFID) in the U.K. is assisting with the automation of the other 153 schemes.
Pakistan has been struggling to fight money laundering and terror financing, and improve its ranking to be removed from the Financial Action Task Force’s Black List.
In 2019, Pakistan began installing facial recognition cameras in lounges for arrivals and departures of both domestic and international flights at Islamabad International Airport and introduced, in partnership with Habib Bank Limited (HBL) and Bank Alfalah, a new biometrics-based payment solution, designed to include poor women, to improve service delivery and fight fraud.