Govt to announce new rules for meeting FATF demands

The government is set to introduce new rules on forfeiture, management and auction of properties and assets relating to Anti-Money Laundering (AML) cases and transfer of investigations and prosecution of AML cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies to specialised agencies to achieve remaining benchmarks of the Financial Action Task Force (FATF).

According to a report by Dawn, this is part of two sets of rules including the AML (Forfeited Properties Management) Rules 2021 and the AML (Referral) Rules 2021 under the National Policy Statement on Follow the Money approved by the federal cabinet meeting a few days ago.

These rules and related notifications for certain changes in existing schedule of Anti-Money Laundering Act 2010 (AMLA) would come into force immediately to be followed by appointment of administrators and special public prosecutors for implementation.

Based on these measures, the FATF would conclude if Pakistan has complied with three outstanding benchmarks, out of 27, that blocked its exit from the so-called grey list in February this year. Several review meetings of the FATF are scheduled to begin in the second week of June, culminating in the next FATF plenary on June 21-25.

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