Govt decides to amend Anti Money Laundering Act 2010
ISLAMABAD (92 News) – The government has decided to amend the Anti-Money Laundering Act 2010 to bring individuals involved in money laundering to the book.
This was apprised during a high-level meeting chaired by Prime Minister Imran Khan on Wednesday.
Law Minister Muhammad Farogh Nasim briefed the meeting that relevant clauses of the anti -money laundering law will be included in Anti-Terrorism Act. He said under the proposed amendments, trial of all crimes will be completed within six to 12 months.
The law minister said the proposed amendments will declare money laundering cognizable and non-bail able offence. He said imprisonment sentence will be enhanced up to ten years and fine be increased to five millions.
Director General Federal Investigation Agency FIA told the meeting that the Agency has registered 131 cases under Foreign Exchange Regulation and Anti-Money Laundering Act and ceased 423.304 million rupees apprehending 198 culprits.
The Federal Board Revenue (FBR) chairman briefed the Prime Minister about actions being taking regarding foreign assets and money laundering by the Board.
PM reviews progress on measures to curb money laundering
Earlier, Imran Khan has said that the elements involved in money laundering do not deserve any concession and their reality should be exposed before the nation.
The prime minister said while chairing a meeting on Monday to review progress on measures taken for the effective stoppage of laundering in the country.
The prime minister said laundering is an evil which caused an irreparable loss to the country’s economy. He directed to further activate financial monitoring units across the country.
During the meeting, the premier was briefed that about the 247 million Rupees fine to different banks in fake accounts has been imposed and investigation against 109 officers is in progress. The meeting was also briefed about steps being taken to trace out suspects.
It was briefed to the Prime Minister that memoranda of understandings are being signed with UK, Australia, UAE, Qatar, to enhance information in financial intelligence sharing.