ISLAMABAD: On Tuesday the Senate passed anti-money laundering (AML) reforms and legislation for foreign exchange rules, the bill previously adopted by the National Assembly.
All proposals, expected to meet the terms of the Financial Action Task Force (FATF), will now be referred back to the National Assembly for review in the wake of the changes adopted by the upper house of parliament.
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After June 2018, the FATF has included Pakistan on the grey list — a group of countries whose frameworks are significantly lacking in curbing money laundering and terror funding.
The FATF committee is scheduled to examine the status of Pakistan on Feb 16 in the midst of the chances of the country staying on the grey list for a few more months.
The anti-money laundering (AML) law adopted by the National Assembly called for the powers of the investigating officers to apprehend perpetrators of money laundering without warrants, a move that the Senate opposed. Another provision is the removal of a clause to make money laundering a flagrant crime.
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