Abb Takk News

PM Chairs Huddle To Make Anti-Money Laundering Laws More Effective

ISLAMABAD: A huddle on money laundering in the chair of Prime Minister Imran Khan on Wednesday considered measures and legislation in this regard.

Federal Minister for law and justice Muhammad Farogh Naseem to make money laundering legislation more effective briefed the PM in detail regarding amendments made in foreign exchange regulation act 1947, anti-money laundering act 2010 and anti-terrorism act 1997.

The meeting decided to include anti-money laundering act 2010 respective sections into anti-terrorism act to bring justice to people involved in the money-laundering.

They also deliberated upon a suggestion to raise punishment from two years to five years over violation of foreign exchange regulation act 1947 through bringing amendments in the law.

The PM also briefed in detail over amendments made in anti-terrorism laws while he also briefed about development made in offshore accounts, properties owned by Pakistanis in UAE and other cases of money laundering.

The premier was told that sending of money through illegal means from abroad declined through FIA strict actions against the illegal act and there is a thin difference of 15 paisa in dollar prices in open and interbank markets.

The PM was also informed that amount of money sent by Pakistanis abroad improved in period July last year to February this year.