Minister for Finance Revenue and Economic Affair Ishaq Dar piloted the bill to amend the Anti-Money Laundering, Act, 2010 [the Anti-Money Laundering (Amendment) Bill, 2015 in the House.
The statement of objects and reasons says: In order to bring further improvements in the Anti-Money Laundering Act, 2010 (AML Act) and in lines with suggestion of AML/CFT) regime stakeholders, amendments in the AML, Act, 2010 are being proposed. The proposed amendments will reflect the government's firm 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 the proceeds of crimes and property involved in money laundering are detected, investigated and prosecuted effectively.