The Senate Standing Committee on Finance Revenue and Economic Affairs expressed serious concern over the restriction of carrying $10,000 within the country and rejected the amendment unanimously.
The meeting of the Senate Standing Committee on Finance Revenue and Economic Affairs was held on Tuesday.
Chaired by Senator Farooq Hamid Naek, the meeting was attended by Senator Syed Shibli Faraz, Senator Mohsin Aziz, Senator Mian Muhammad Ateeq Shaikh, Senator Muhammad Akram, Senator Sherry Rehman, Senator Ayesha Raza Farooq, Senator Imam-ud-Din Shouqeen, Senator Anwar ul Haq Kakar, Senator Dilawar Khan and senior officers from the Ministry of Finance Revenue and Economic Affairs, along with all concerned.
The agenda presented before the committee included a bill further to amend the Foreign Exchange Regulation Act 1947 (The Foreign Exchange Regulation (Amendment) Bill 2019) and a bill to amend the Anti-money Laundering Act 2010 (The Anti-money Laundering (Amendment) Bill 2019).
The committee was briefed on the FATF Action Plan and legal amendments. It was asserted that all amendments were in line with FATF recommendations and if the enactment takes place before the scheduled meetings it would strengthen Pakistan’s compliance position.
The committee considered the amendments clause by clause and approved some of them without amendments. Some amendments were rejected right away while some were approved partially. The committee expressed serious concerns over the restriction of carrying $10,000 within the country and rejected the amendment unanimously.