President Dr. Arif Alvi has ratified the Anti-Money Laundering Amendment Act 2020, the law will come into force immediately.

With the ratification, Pakistan has fulfilled one of the major requirements of the Financial Action Task Force (FATF), as Anti-Money Laundering Amendment Bill has become a formal law.

President Arif Alvi ratified the Anti-Money Laundering Amendment Act 2020 while the National Assembly Secretariat also ratified the President's signatures. The new law will come into force immediately.

According to the new law, individuals and entities involved in money laundering will be given severe punishments.

According to clause three of the bill moved by Parliamentary Secretary for Law and Justice Malaika Bukhari, anyone committing the act of money laundering shall be punishable with rigorous imprisonment of upto ten years and fine of upto 25 million rupees and shall also be liable to forfeiture of property.

According to clause 8A of the bill, the investigating officer with the permission of the court may use techniques including undercover operations, intercepting communication and assessing computer system for investigation of money laundering and terrorism financing.

Government sources say that with this development there is possibility of Pakistan getting out of the gray list.