عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Jordan, KSA Best Regionally in Combating Money Laundering

The Basel AML Index is an annual ranking assessing country risk regarding money laundering and terrorism financing [File: Reuters]
The Basel AML Index is an annual ranking assessing country risk regarding money laundering and terrorism financing [File: Reuters]
TT
TT

Jordan, KSA Best Regionally in Combating Money Laundering

The Basel AML Index is an annual ranking assessing country risk regarding money laundering and terrorism financing [File: Reuters]
The Basel AML Index is an annual ranking assessing country risk regarding money laundering and terrorism financing [File: Reuters]

Jordan and Saudi Arabia have topped the Basel Anti-Money Laundering Index on the regional level.

The index focuses on anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks, plus related factors that impact the risk of ML/TF, such as corruption, transparency and the rule of law.

Among the countries listed as having the highest risk ratings were: Tajikistan (8.30 points), Mozambique (8.28 points) and Afghanistan (8.28 points).

The seventh annual Basel Anti-Money Laundering Index features an overview of 129 countries according to their risk of money laundering and terrorist financing.

The risk scores for each country in the AML Index are based on 14 publicly available indicators of anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks, corruption risk, financial transparency and standards, and public transparency and accountability.

Regionally, Yemen came first in risks among Arab states, with a score of 6.81 points, and 17 globally. Lebanon came fourth on the regional level with a score of 5.99 points and 42 globally. Yet, Lebanon witnessed a remarkable progress compared to last year’s outcome (7.07 points). The score of Jordan was 4.84 points with a global rank of 89 while Saudi Arabia’s score was 5.01 points with the position 81 globally.

“The downward trend is more striking,” said the report, which noted that “42 percent of countries have worsened their risk scores between 2017 and 2018. Almost 37 percent of countries now have a worse risk score than they did in 2012.”

In terms of general trends, 64 percent of countries show a significant risk of illegal activities.

Most Viewed

 
 
Business

Pakistan Ends Power Purchase Deals to Cut Costs

A power transmission tower is seen in Karachi, Pakistan, January 24, 2023. REUTERS/Akhtar Soomro/File Photo
A power transmission tower is seen in Karachi, Pakistan, January 24, 2023. REUTERS/Akhtar Soomro/File Photo
TT
TT

Pakistan Ends Power Purchase Deals to Cut Costs

A power transmission tower is seen in Karachi, Pakistan, January 24, 2023. REUTERS/Akhtar Soomro/File Photo
A power transmission tower is seen in Karachi, Pakistan, January 24, 2023. REUTERS/Akhtar Soomro/File Photo

Pakistan's government has reached an agreement with utilities to end power purchase contracts, including one with Pakistan's largest private utility that should have been in place until 2027, as part of efforts to lower costs, it said on Thursday.

The news confirms comment from Power Minister Awais Leghari to Reuters last month that the government was renegotiating deals with independent power producers to lower electricity tariffs as households and businesses struggle to manage soaring energy costs.

Earlier on Thursday Prime Minister Shehbaz Sharif said Pakistan has agreed with five independent power producers to revisit purchase contracts. He said that would save the country 60 billion rupees ($216.10 million) a year.

The need to revisit the deals was an issue in talks for a critical staff-level pact in July with the International Monetary Fund (IMF) for a $7-billion bailout.

Prior to the prime minister's announcement, Pakistan's biggest private utility, Hub Power Company Ltd, said the company agreed to prematurely end a contract with the government to buy power from a southwestern generation project.

In a note to the Pakistan Stock Exchange, it said the government had agreed to meet its commitments up to October 1, instead of an initial date of March 2027, in an action taken “in the greater national interest.”

A decade ago, Pakistan approved dozens of private projects by independent power producers (IPPs), financed mostly by foreign lenders, to tackle chronic shortages.

But the deals, featuring incentives, such as high guaranteed returns and commitments to pay even for unused power, resulted in excess capacity after a sustained economic crisis reduced consumption.

Short of funds, the government has built those fixed costs and capacity payments into consumer bills, sparking protests by domestic users and industry bodies.

Pakistan has begun talks on re-profiling power sector debt owed to China and structural reforms, but progress has been slow. It has also said it will stop power sector subsidies.