Govt gears up anti-money laundering drive

Second amended draft recommends Rs25m fine for ‘nonbailable offence’

By: News Desk      Published: 10:28 PM, 28 Jul, 2020
Govt gears up anti-money laundering drive

The government has geared up its drive to curb money laundering following the recommendations of the Financial Action Task Force (FATF).

It has tabled the Anti-Money Laundering (Second Amendment) Bill 2020 in the National Assembly that sent the draft to the committee concerned for deliberations.

The bill proposes an increase in fine for money laundering from Rs5 million to Rs25 million and in case of a government official the fine may be increased to Rs100 million.

It is suggested that the money laundering be nonbailable offence and probe personnel be empowered to take suspect into custody and seal the accused’s property without court permission.

Last week, the federal cabinet gave go-ahead to the draft as part of the government efforts to execute an action plan in compliance with the task force.