Islamabad (Web Desk): After signing 8 bills approved by joint session Pakistan likely to get rid of the Financial Action Task Force (FATF) grey list.
“Pakistan has fulfilled FATF’s main demand by making law regarding Money Laundering.”National Assembly Secretariat confirmed President Alvi’s signature on the bills.
According to the new law, people and institutions involved in money laundering would be convicted strictly. This step was taken to curb the financial assistance of terrorists.
It is pertinent to mention that the FATF had included Pakistan in its grey list in order to avoid financial assistance to the terrorists, who were creating a mess not only in Pakistan but also in other countries of the world.
Meanwhile, the President also signed the Pakistan Medical Commission and Tribunal Bills 2020.
Moreover, a bill to increase the number of judges of the Islamabad High Court was also signed, a bill for the disabled was also signed by the President.
Particularly after 9/11, there was a significant upheaval in world politics, and the Financial Action Task Force (FATF) emerged as a key organization for tracking the money laundering and counterterrorism financing. It widened its purview and authority to designate nations with fragile financial systems and compelled them to submit compliance plans.
Pakistan was placed on the UN Security Council’s “grey” list due to its sluggish progress in adhering to Resolutions 1617, 1267, and 1373. To be removed off the grey list, Pakistan was urged to comply with a 27-point Action Plan by the FATF.
Pakistan implemented a number of tangible measures, such as the 2010 Antimoney Laundering Act Amendment, expanded functions for the Federal Board of Revenue (FBR), Federal Investigation Agency (FIA), and State Bank of Pakistan (SBP), and stricter measures implemented by the Interior Ministry of Pakistan to cut off terrorist networks’ financial supplies.
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