Dozen laws to be amended to meet FATF requirements.

Byline: Khaleeq Kiani

ISLAMABAD -- Pakistan on Friday decided to introduce major amendments to at least a dozen of its laws over the next six months to remain in continuous compliance with requirements of the Financial Action Task Force (FATF).

The decision was taken at a meeting of the National Executive Committee (NEC) - the country's highest body on money laundering and matters related to the FATF - presided over by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

The meeting was also attended by Minister for Economic Affairs Hammad Azhar, who heads the National FATF Coordination Committee of civil and security institutions, Communications Minister Murad Saeed and heads of relevant ministries and national institutions, according to a statement issued by the Ministry of Finance.

The meeting finalised a plan for compliance with FATF standards by June 2020 and targets were set for further legislation and procedural upgradations by various agencies and institutions.

It was agreed that about 12-13 laws and sub-ordinate legislations would have to be amended by June this year to complete the overall legal framework in line with the standards of the FATF. On the basis of this legal framework, Pakistan's performance would be judged, also to be supported by the International Monetary Fund, for full compliance in the next plenary of the FATF in October.

Anti-Money Laundering and Foreign Exchange Regulation Act cleared by Senate committee

This will be in addition to the Anti-Money Laundering and Foreign Exchange Regulation Act which was cleared by the Senate Standing Committee on Finance on Friday and would now formally go through the customary passage by parliament.

Informed sources said the top in the list of new legislations would be the Anti-Terrorism Act that was already pending with parliament, followed by the Mutual Legal Assistance Act for exchange of legal cooperation among various countries.

The sources said the United Nations (Security Council) Act of 1948 would be fully adopted by Pakistan in its updated form under which punishment for terrorist entities and individuals proscribed by the UNSC would be enhanced to Rs200 million and 10-year rigorous imprisonment from its existing fine of just Rs1 million. The Criminal Procedure Code would also be amended to meet international standards.

Also, the Companies Act of 1984 would be amended to provide enabling provisions for compliance with FATF standards.

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