National Assembly (NA) on Wednesday, approved Anti-Terrorism (Amendment) Bill, 2020 in relation with the requirements of Financial Action Task Force (FATF) guidelines.
Federal Law Minister Farogh Naseem moved the Anti-Terrorism (Amendment) Bill, 2020 in National Assembly today.
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Meanwhile, the lower house also approved Limited Liability Partnership (Amendment) Bill, The Companies (Amendment) Bill, 2020, The Control of Narcotic Substances (Amendment) Bill, 2020 and Islamabad Capital Territory Trust Bill, 2020.
“Whitening the economy and checking terror financing is important to take the country forward on the path of development…. Long deliberations were held with the Opposition parties to reach consensus on the FATF related legislation,” said Farogh Naseem on the floor of the house.
The development comes as Pakistan has increased its efforts to fulfill FATF requirements in order to be excluded from its ‘grey list’.
Read More: Pakistan fulfilling FATF, says Ijaz Shah
Prior to this National Assembly’s Standing Committee under Faiz Ullah Kamoka on Finance had approved Anti-Money Laundering 2nd Amendment Bill 2020 with a majority of nine votes, whereas six votes opposed the bill.
As per the Anti-Money Laundering 2nd Amendment Bill 2020, Possession of unexplainable jewellery and real estate was included in the provisions of the bill.
Meanwhile, the penalty for money laundering was increased from Rs5 million to Rs25 million for an individual, whereas for a company, institution or an organization the penalty limit has been raised up to Rs 100 million.
