Govt finalises amendments in anti-money laundering laws

— Finance Minister reiterates govt’s resolve for an effective campaign against money laundering and transfer of money through non-banking channels

ISLAMABAD: A high-level meeting chaired by the Finance Minister Asad Umar on Monday reviewed and finalized proposed amendments/insertions in the relevant laws for strengthening the punitive regime to prevent illegal foreign exchange transactions (hundi, hawala).

The amendments would cover the existing FIA Act 1974, Foreign Exchange Regulation Act 1947 (FERA), Customs Act 1969 and AML Act 2010.

The meeting after thorough discussion endorsed the amendments in the relevant laws. Recommendations in this regard would be submitted to the prime minister soon.

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The finance minister on the occasion strongly reiterated the government’s resolve for an effective campaign against money laundering and transfer of money through non-banking channels. He said the amendments would strengthen the institutional framework to augment the capabilities of various state agencies in dealing with the issues of illegal money transactions.

The meeting was attended by the attorney general of Pakistan, finance secretary, Ministry of Law and Justice secretary, commerce secretary, Foreign Affairs acting secretary, State Bank of Pakistan governor, Ministry of Interior secretary, Ministry of Finance Secretary as well as senior officials of Federal Board of Revenue, Federal Investigation Authority, and National Accountability Bureau.

 

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