Counter-financing of terrorism: Senate body approves bill

The Senate Standing Committee on Interior and Narcotics Control on Friday approved an Anti-Terrorism (second amendment) Bill, 2014 relating to counter financing of terrorism in the country. The committee unanimously passed the bill after the government informed it that Pakistan will face international financial sanctions if the bill was not passed by the end of next month.
The bill addresses shortcomings relating to provisions on terrorist financing in the Anti-Terrorism Act, 1997 and were highlighted by the Financial Action Task Force (FATF). FATF is an international body, comprising many countries and international organisations that set and monitor the international standards on anti-money laundering and counter-financing of terrorism. If the Senate did not pass the bill till June 5, it will automatically stand lapsed as the parliamentary year of the National Assembly is ending on this date. Senator Muhammad Talha Mehmood presided over the meeting of the committee.
The National Assembly had passed the Anti-Terrorism (Second Amendment) Bill, 2014 and referred it to the Senate. The bill was introduced in the Senate on February 7, which referred it to the Senate Committee on Interior. Talha Mahmood before passing the bill said that the law might not be used for political victimisation. However, he termed the briefing given by the legal advisor quite satisfactory and remarked that the committee had no objection over the passage of the bill.
Senator Tahir Hussain Mashhadi said that the bill should be passed as "we do not like Pakistan to be blacklisted in the world". Munib Zia, Legal Advisor of the Finance Ministry while giving a briefing to the committee, told the committee that the government had to meet certain international requirements to control money laundering for terrorism financing and this bill was part to fulfill such requirements. He said the government had assured the FATF that it would get enact this law and it was the last requirement as Pakistan had met all others. He said that next meeting of FATF would be held on Jun 22 and if this law could not be enacted before the meeting, the FATF could recommend to ban financial transactions with Pakistan and its businesses could be choked.