Pakistan, Aug. 15 -- The International Monetary Fund (IMF) has raised serious concerns over Pakistan's failure to stop money laundering schemes effectively. In a draft report, the IMF pointed out that Pakistan's beneficial ownership system is weak and not fully functional. This system is meant to track the real owners of companies. However, data sharing among key institutions like the SECP, SBP, and FBR is poor. This makes it hard to stop illegal money flows and hold offenders accountable.

The report, titled "Governance and Corruption Diagnostic Assessment," will likely be published soon. For now, a draft has been shared with the government for review. It says fake companies still win government contracts because there's no reliable data...