LAHORE: The Anti-Money Laundering (AML) Act has framed no criteria for attachment and taking over the properties suspected to have been acquired from the proceeds of crime and for sale of perishable properties, said sources.

They added that the investigating officers in the absence of rules were holding roving inquiries into the cases and assuming jurisdiction at their whims. The unbridled discretion being exercised by the investigating officer is required to be structured in terms of the law, they stressed.

According to the sources, the Act authorized the federal government to frame rules for effective implementation of the provisions of the Act. Provisions of the law envisage the setting up of the National Executive Committee by the federal government and provides for establishing a General Committee to assist the National Executive Committee.

AML Act: Prior conviction not necessary for predicate offence proceedings

The National Executive Committee scope includes advising the federal government to make rules for the determination of offences that may be considered to predict offences and to make recommendations for combating money laundering and terror financing.

They said the National Executive Committee plays a vital role in advising the federal government on a host of issues related to money laundering and that in the absence of any consultation by the federal government in this regard makes all the actions taken by the Directorate (I&I) for registration of FIRS and holding of inquiry null and void.

Copyright Business Recorder, 2023