10-member team leaves for China today
REcorder report
ISLAMABAD: A ten-member delegation will leave for China today (Tuesday) to present Pakistan compliance report on Action Plan on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Asia Pacific-Joint Group meeting scheduled from May 15-17.
The members of the delegation, sources said, included Mohammad Younus Dagha, Secretary Finance, Mansoor Hassan Siddiqui, Director General Financial Monitoring Unit (FMU), Muneb Zia, legal advisor, FMU, Muhammad Iqbal, Director General, (CT) NACTA, Syed Irfan Ali, Executive Director State Bank of Pakistan (SBP), Ahmad Farooq, Director General (CT) Ministry of Foreign Affairs, Chaudhry Muhammad Javaid, Chief (l&l Customs) Federal Board of Revenue (FBR), Sikandar Hayat, Joint Secretary (Law) Ministry of Interior, Khalida Habib, Executive Director Securities Exchange Commission of Pakistan (SECP), and Mazhar-ul-Haq Kakakhel, Director Federal Investigation Agency (FlA)
The Federal Board of Revenue (FBR) has established a Directorate of Cross Border Currency Movement (CBCM) on Thursday last to stop foreign currency money laundering. An official said that directorate will share daily report to the agencies tasked to counter money laundering. The directorate will also initiate legal action against suspicious transactions.
Additionally, AML Amendment Bill 2019 has been introduced in the Parliament to award strict punishment to the people involved in the money laundering and ban has recently been imposed on various organisations.
Sources said that a meeting was chaired by the Prime Minister Imran Khan on Monday to review progress on FATF Action Plan. The Prime Minister has said on various occasions that FATF is a serious challenge for the country and the government is taking measures to effectively comply with its Acton Plan. Pakistan is placed in grey list of the FATF.
Earlier, Dr Abdul Hafeez Shaikh reviewed progress on FATF Action Plan and highlighted the importance of addressing the shortcomings pointed out by the Forum. The advisor directed all stakeholders to work round the clock, give highest priority and put efforts to achieve and surpass the FATF Action Plan.
Amendments in AML law proposed by the Finance Ministry to declare money laundering and inland movement of foreign currency as heinous crimes is pending in the National Assembly’s Finance Committee because members of the committee from opposition parties are not ready to approve it in its existing form.
The law seeks 10-year sentence for money laundering, against the existing punishment of one to 10 years in jail, and increase in the fine from Rs 1 million to Rs 5 million.
Additionally, investigation officer may arrest a person without seeking warrants from the court or the nearest judicial magistrate, if he has a reason to believe that such a person is guilty of money laundering.
