Pak expected to remain on FATF grey list till April 2022

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By Hamza Ameer
Islamabad, Oct 19 |
Pakistan is expected to remain on the grey list of the Financial Action Task Force (FATF) till April 2022, as the country works towards completing an action plan to counter money laundering and terrorism financing.

As per sources, the upcoming three-day meeting of the FATF in Paris, scheduled to start on Wednesday, will be assessing and discussing Pakistan’s progress and compliance to the 27-point action plan to curb money laundering and terrorist financing.

Pakistan’s name is expected to remain on the grey list till the next session of the FATF in April 2022, because of its failure to ensure complete compliance with action plan, which it was presented by the watchdog’s regional partner, the Asia Pacific Group (APG).

Pakistan failed in completing at least six out of the 27-point action plan in its previous assessment at the FATF, which included enhancing international cooperation and demonstrating that assistance is being sought from foreign countries in implementing UN Security Council designations.

FATF assessments hold great importance for Pakistan as financial donors including International Monetary Fund (IMF), UN and the Egmost Group of Financial Intelligence Units are also going to be part of the FATF meeting as observer organisations.

The FATF said in a statement that it “will finalise key reports, including the revised guidance on virtual assets and their service providers and discuss the next steps to strengthen its standards on transparency of beneficial ownership”.

On June 25, the FATF decided to keep Pakistan on its grey list, handing over six new anti-money laundering areas to work on.

It however, recognised Pakistan’s progress and efforts to address items in its country action plan that refers to combating terror financing.

The Pakistan government under Prime Minister Imran Khan has been struggling to complete all 27 points of the action plan, which hold the basis of its removal from the FATF grey list.

The country’s reeling economy is running on a financial bailout by the IMF, which has resulted in a major surge in prices of basic utilities and petroleum, forcing locals to question Khan’s capabilities and understanding as the country’s premier.

The government however, maintains that it has taken strong steps in curbing the menace of money laundering and terrorist financing in the country, insisting that it deserves to be removed from the FATF grey list.

Law Minister Farogh Naseem has said that Pakistan has done everything to get off the grey list, stating that the country’s case is now “actually a test of the FATF’s fairness”.

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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