Legislation to meet FATF conditions will destroy business sentiment, NA body says

–Opp members say Pakistan being ‘targeted’ by FATF through stiff conditions

–Hafeez Shaikh says legislation for FATF conditions is ‘not an agenda of the govt but is an issue of the country’

ISLAMABAD: As the government is in hurry to approve various legislations to meet the conditions of the Financial Action Task Force (FATF), the members of National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs expressed its concerns that the too much legislations on FATF’s direction would destroy the business sentiment in the country.

During the committee meeting, which was chaired by MNA Jamil Ahmed Khan, Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh claimed that out of the 27 conditions, Pakistan has already implemented 14 while 13 others have also been partially implemented. 

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“Full implementation on the said conditions needs legislation,” the adviser, who had appeared in the meeting for the first time, said.

Committee members included Ali Perviz Malik, Dr Aisha Ghaus Pasha, Nafisa Shah and Syed Naveed Qamar were of the view that unlike other countries, Pakistan was being “targeted” by FATF with stiff conditions, which ultimately hurt the business activities in the country.

Hafeez Shiakh said in order to come out of the grey list of FATF, a lengthy exercise was needed, adding that the legislation and required steps were not an agenda of a government but it was an issue of the country. 

He pointed out that successive governments could not increase the volume export or investment, besides also failing to improve the standards of life. 

“It is high time we work on these issues.”

Meanwhile, other items on the agenda of the meeting included the Limited Liability Partnership (Amendment) Bill, 2020; The Companies (Amendment) Bill, 2020; and The Anti-Money Laundering (Second Amendment) Bill, 2020.

The committee gave approval to the Companies (Amendment) Bill as well as Limited Liability Partnership (Amendment) Bill, whereas it deferred the Anti-Money Laundering Bill till Monday for more deliberations.

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Ghulam Abbas
The writer is a member of the staff at the Islamabad Bureau. He can be reached at [email protected]
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