ISLAMABAD: The Senate Standing Committee on Interior on Tuesday passed the Cooperative Societies (Amendment) Bill, 2020 aimed at more control and transparency in registration/regulations of cooperative societies in Islamabad and control terror financing through this channel.
The committee, with Senator Rehman Malik in the chair passed the Financial Action Task Force (FATF)-related bill moved by the Adviser to the Prime Minister on Parliamentary Affairs Dr Babar Awan.
Malik said we have to make some necessary legislation for the FATF as presence of Pakistan on the FATF's 'grey list' is a national issue.
It is necessary to remove the country's name from the FATF's grey list, he said.
According to the statement of objects and reasons of the bill that the FATF requires to amend, the Cooperative Societies Act, 1925 in order to bring more control and transparency in registration/regulations of cooperative societies in Islamabad.
The prime objective of proposed amendment was to control terror financing through this channel.
The provision relating to the Securities and Exchange Commission of Pakistan (SECP), the National Accountability Bureau (NAB), and other prosecution agencies were deficient in the existing version of the Cooperative Societies Act, 1925.
The same has now been incorporated in order to implement strict control on the affairs of cooperative societies.
The provisions regarding audit/accounts mechanism of the cooperative societies have also been introduced in the proposed amendments.
The committee also sought report of a woman's gang-rape during on the Lahore motorway near Gujjarpura and summoned the Capital City Police Officer (CCPO) Lahore, Umar Sheikh, during the next meeting to be held on Sep 21.
Senator Azam Swati said such kind of cases should be decided within three months.
Senator Rana Maqbool Ahmed said that such kinds of problems would not be resolved until parliament did not make legislation regarding judges.
Copyright Business Recorder, 2020