Cabinet approves amendments to money laundering and terror financing laws

By: News Desk      Published: 07:17 PM, 21 Jul, 2020
Cabinet approves amendments to money laundering and terror financing laws

Federal Information Minister Shibli Faraz said that federal cabinet meeting Tuesday approved amendments in Anti-Terrorism Act 1997 and Anti-Money Laundering Act, 24NewsHD TV channel reported.

The minister said the amendments were made pertaining to the hanging sword of Financial Action Task Force (FATF). The cabinet in a bid to implement the action plan agreed with the FATF approved the amendments and gave go-ahead for an increase up to Rs100 million in fine on offenders involved in money laundering.

On the other hand, the Anti-money Laundering Second Amendment Bill 2020 has also been placed and approved by the cabinet which proposed that money laundering be made a cognisable offence.

It may be mention that Pakistan is required by the FATF to implement an action plan to make its financial system as per FATF standards on anti-money laundering and countering terror financing.

Shibli Faraz confirmed that journalist Matiullah Jan has been abducted and said the government has been trying every possible measure to bring the journalist back.

He was addressing a news conference in Islamabad on Tuesday after the federal cabinet meeting. “Information is being collected about the abducted journalist,” he said.

The information minister said Prime Minister Imran Khan has stopped the increase of Pakistan Television licence fee from Rs 35 to Rs 100 as proposed earlier.

Faraz said the prime minister also directed to pay all the outstanding amounts of media houses by next week.

The minister said the cabinet also approved Treasury Single Account Rules 2020, amendments in the Anti-Money Laundering Bill 2020, amendments in Anti-Terrorism Act 1997, and National Health Emergency Response Act 2020.

He said the premier appreciated Ehsaas Emergency Cash Programme, Foreign and Water Resources ministries performance.

“Special assistants and advisers’ assets were not made public in the past as previous governments did not take such measures. It is for the first time,” he added.

“Wheat related complaints are being received. Order of three to four thousands tones wheat has already been placed,” Shibli Faraz said while ruling out any chance of hoarding to prevail. He warned will hoarding will be dealt strictly and the government will try to stop the smuggling of wheat from KP. “Wheat export was allowed to bridge demand and supply gap,” he added.

He said Sindh Government will be requested to waive off excise duty on import of wheat.

Special Assistant of the Prime Minister of Pakistan on Poverty Alleviation and Social Protection Sania Nishter in a tweet said: “Today, I presented the Report on #EhsaasEmergencyCash to the Cabinet; the report outlines the methodology & the know-how gained in designing & implementing a massive program in real time, in a context of complexity & uncertainty, with speed.”

She said: “Public accountability & transparency constitute the underlying motivation for Ehsaas Emergency Cash report. It is predicated on belief that a culture of transparent & evidence-based decision-making is necessary to reform governance in Pakistan.”