Published On: Fri, May 3rd, 2019
Published in Category: Islamabad

Parliament’s body briefed on amendments in Anti Money Laundering Bill

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Islamabad: The Parliament Standing Committee on Finance was informed on Thursday that the government has made various amendments in the Anti-money Laundering Bill.

Additional Secretary Finance Sohail Rajpoot While briefing the meeting informed the meeting that FATF had certain reservations regarding Pakistan’s money laundering efforts, adding that after these amendments punishment of the persons involved in money laundering cases would be increased to 10 years with fine from Rs1 million to Rs5 million.

The additional secretary said Pakistan has moved request for the membership of the monitoring agency’s admin group. He said admin group membership would help Pakistan to eliminate money laundering from the country.

He added after amendment the country will keep record of suspicious transfer of money for 10 years. He said if any person was found guilty for money laundering he/she would be kept in detention for 108 days instead of 90 days. This detention would be increased to one year with the court permission.

Rajpoot further said the investigation officer can use his power of arrest of the suspect during investigation of money laundering case. He further said the fine against the officer who will not report suspicious transition has been increased from Rs100,000 to Rs500,000. The officer’s punishment has also been increased from three to five years.

The committee upheld the amendments until next meeting.

The committee Chairman observed it’s an important bill but Advisor to Finance is not present in the meeting. He said in such situation how the bill will be approved when secretary committee is also absence from the meeting.

Maulana Abdul Akbar Chitrali inquired are you drafting law or imposing dictatorship in the country, adding that in this way no one even would be able to bring charity fund of a mosque to home.

The meeting also reviewed Foreign Exchange Regulation Amendment Bill 2019. The meeting also recommended strict monitoring of transfer of money within the country.

State Bank officials while briefing the committee said the State Bank need more power to curb illegal transfer of money in the country. The purpose for more power is to eliminate Hundi business, the officials’ further elaborated.


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