The upper house of parliament on Friday endorsed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023, only a day after the bill was unveiled at the National Assembly on Thursday.
The bill was tabled by Minister of State for Foreign Hina Rabbani Khar, who said it is part of a plan to keep Pakistan off the Financial Action Task Force’s (FATF) grey list.
Also present at the session, Finance Minister Ishaq Dar voiced his support for Khar’s request and urged the upper house to clear the bill by Sunday.
As per details, the bill calls for the creation of a National Anti-Money Laundering and Counter-Terrorism Authority, which would be led by a chairman selected by the prime minister.
This authority will comprise the secretaries of finance, foreign affairs, and interior, as well as the governor of the State Bank of Pakistan. It will also include the chairs of the Securities and Exchange Commission of Pakistan and the National Accountability Bureau, as well as the director-general of the Federal Investigation Agency, Anti-Narcotics Force, and Federal Board of Revenue.
The authority will also include the director general of the Financial Monitoring Unit, the national coordinator of the National Counter-terrorism Authority, and all provincial chief secretaries.
The bill seeks to address money-laundering violations and to reinforce existing laws in order to effectively combat illegal/corrupt practices that are detrimental to the economy.
