The billion was moved by Minister Finance, Revenue, Economic Affairs, Statistic and Privatization Muhammad Ishaq Dar. The senate passed the bill clause by clause.
Statement of objects and reasons of the bill said,in order to bring further improvement in the Anti-Money Laundering Act, 2010 (ANL ) act and in lines with suggestions of AML/CFT regime stakeholders, amendments in the AML Act, 2010 are being proposed. The proposed amendments will reflect the government's firms resolve to strengthen its Anti-Money Laundering regime.
These amendments are aimed at streamlining the existing AML law in line with international standards prescribed by Financial Action Task Force (FATF) and to bring consistency and clarity in the enforcement provisions.
These amendments would help the government to ensure that proceeds of crimes and property involved in money laundering are detected, investigated and prosecuted effectively.