Pakistani Parliament approves anti-money laundering law

Lower parliament of Pakistan passes anti-money laundering law to cut off financial sources of terrorism

Photo by: AFP
Photo by: AFP

A view of the National Assembly.[AFP]

National Assembly of Pakistan has approved three government sponsored bills, including an anti-money laundering law which will help the government to cut financial sources of terrorism.

Two weeks after the Senate passed the bill, Pakistan’s lower parliament approved it unanimously as the opposition groups remained neutral, officials from the parliament said on Thursday.

Presentation of the bill were made by Federal Finance Minister Ishaq Dar. The parliament addressed the issue of illegal transformation of the funds to terrorist organizations and also put a road map to show how to deal with it.  

A senior official from the Finance Ministry said that the amendments will strengthen the law to "deal effectively with terrorism financing."

The amendment will work up the country’s terrorism efforts from domestic to international standards which was outlined by the global Financial Action Task Force (FATF), the official added.

FATF also known by its French name, Groupe d'Action Financière (GAFI), founded in 1989 to set policies to boost the fight with money laundering. In 2011, the intergovernmental organization brought standardization to prevent financing terrorism.

Besides the anti-money laundering law, the assembly also passed Companies Bill and the Stock Exchanges (Corporatisation, Demutualization and Integration) amendments.

Before the adoption of the bill,Pakistan Central Bank in June issued regulations on banks and financial institutions to combat effectively with money laundering and financing terrorism.

TRTWorld and agencies