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Pakistan

Senate passes financial crimes authority bill

  • Its aim is to continue govt's work to keep Pakistan off FATF grey list, says Hina Rabbani Khar
Published August 4, 2023

The Senate passed on Friday the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023, a day after it was cleared by the National Assembly.

The bill aims to deal with offences pertaining to money-laundering and to further strengthen existing laws to effectively check illegal/corrupt practices which have a negative impact on the economy.

Speaking in the upper house, Minister of State for Foreign Hina Rabbani Khar – who moved the bill – said it is an effort by the government for the continuation of the work the state has done to get Pakistan out of the Financial Action Task Force’s (FATF) grey-list.

“Now we are ensuring that the continuation of that work happens in an institutionalised manner,” she said.

Khar said that the bill envisages the establishment of a National Anti-Money Laundering and Counter Financing of Terrorism Authority, headed by a chairman appointed by the prime minister.

She informed the upper house this authority will be made up of secretaries of finance, foreign affairs and interior as well as the governor State Bank of Pakistan.

It will also include chairmen of the Securities and Exchange Commission of Pakistan and National Accountability Bureau along with the directors-general of the Federal Investigation Agency, Anti-Narcotics Force and Federal Board of Revenue.

Director General Financial Monitoring Unit, national coordinator of National Counter-terrorism Authority and all provincial chief secretaries will also be part of the authority.

Khar said that the establishment of the authority will streamline the work happening within the government and different provinces.

“This will allow us to monitor our progress and if there are any loopholes, we can connect them before we run into any serious problem,” she said.

In October last year, the Paris-based global money laundering and terrorism financing watchdog removed Pakistan from the FATF ‘increased monitoring list’, also known as the ‘grey-list’ after a span of four years.

Comments

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Tulukan Mairandi Aug 04, 2023 02:11pm
Much appreciated. But actually those tasked with defeating terrorists are doing more harm to Pakistan. Terrorists didn't make us lose 4 wars, lose half our country, become broke and a global beggar, etc. It is the Establishment that was tasked to go after them and keep us safe, who did all that damage!
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KhanRA Aug 04, 2023 07:41pm
Arrest Hafiz Saeed and Maulana Azhar and we won’t ever be threatened by FATF again. Why are two men so important that the country’s whole economy can be out at risk because of them? Don’t forget that they’re the terrorists against whom FATF sought action!
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