National Assembly passes four bills to fulfill FATF obligations

(Karachi) The National Assembly on Monday passed four bills, including the Anti-Money Laundering Bill, that aimed to fulfill the obligations of the Financial Action Task Force to bring the country out of FATF’s grey list.

The bills were moved by Prime Minister’s Advisor on Parliamentary Affairs Dr Babar Awan. All the four bills, “The Limited Liability Partnership (Amendment) Bill 2020”, “The Companies (Amendment) Bill 2020”, “The Anti-Money Laundering (Second Amendment) Bill, 2020”, and “The Islamabad Capital Territory Waqf Properties Bill, 2020” were passed amid reservations by opposition parties.

The legislation will ensure compliance with FATF’s recommendations on anti-money laundering, countering the financing of terrorism by strengthening existing laws and proper management, supervision and administration of waqf properties in the capital territory.

Speaking on the occasion, Babar Awan said that they would not tolerate any hindrance over legislation on matters pertaining to the national interest.

Speaking on behalf of the opposition parties, former Prime Minister and PPP lawmaker Raja Pervaiz Ashraf said that they had proposed certain amendments in the bill especially regarding its section 10.

“We are against the power of arrest in the bill,” he said adding that such powers could give anyone the authority to make arrests without prior approval of arrest warrants.

He said that under the law, NAB is tasked to deal with anti-money laundering cases. “Even the apex court has termed the NAB’s performance as unsatisfactory,” he said while terming it a black law and opposing its passage from the National Assembly.