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Dar reviews anti-money laundering reforms

Dar reviews anti-money laundering reforms

ISLAMABAD: While reviewing the current state of anti-money laundering reforms during the 7th meeting of the National Executive Committee, Finance Minister Ishaq Dar has underlined the significance of strengthening law enforcement agencies and their personnel for effectively combating the flow of finances for terrorist activities whether motivated by sectarian or any other motivation.

The Finance Minister directed that the General Committee should expedite the formulation of plans and their implementation under the approved plans.

He further stated that the forthcoming law on registration of International Non Governmental Organizations would also be helpful in preventing and checking the flow of money to undesirable elements.

The meeting was briefed on the evolution of current anti money laundering regime in Pakistan and its interaction with Unite Nations Sanctions Forum and Financial Action Task Force.

It was emphasized that Pakistan’s anti money laundering and counter terrorist financing is continuously being aligned with international best practices. A few gaps in the regime would be plugged after parliamentary approval of certain amendments in the anti terrorist Act. The said amendments were cleared by the National Assembly Standing Council on Interior and will come up for consideration in the next session.

The meeting was also informed that a draft law on mutual legal assistance is being processed expeditiously and after seeking approval of the cabinet shall be submitted to parliament for its consideration.

The meeting also reviewed the national AML/CFL strategy and examined the progress of the implementation of the approved plans.

The meeting was attended by Federal Minister for Information, Broadcasting and National Heritage Parvez Rashid, Advisor to the Prime Minister on Foreign Affairs Sartaj Aziz, Chairman Securities and Exchange Commission Tahir Mehmood, Secretary Finance Dr Waqar Masood, Advisor on Finance Rana Asad Amin, Secretary Interior Mr. Shahid Khan, Secretary Law and Justice Division Barrister Zafarullah, Governor of State Bank of Pakistan and officials of Federal Board of Revenue.