A high-level meeting on Wednesday decided to include relevant clauses of the Money Laundering Act, 2010, into the Anti-Terrorism Act to make anti-money laundering laws more effective.
The meeting, chaired by Prime Minister Imran Khan, discussed the legal and administrative steps taken for prevention of money laundering and the achievements made so far in this regard.
Law Minister Farogh Naseem briefed the prime minister about the amendments in Foreign Exchange Regulations Act, 1947, Anti-Money Laundering Act, 2010, and Anti-Terrorism Act, 1997, to make money laundering laws further effective.
It was proposed to amend the Foreign Exchange Regulation Act, 1947, to increase the imprisonment from two years to five years for violation of FERA laws. Through the proposed amendment, offences regarding FERA will be made under exercise of authority and non-bailable and trial of FERA-related cases will be completed from six months to one year. The meeting was informed that after amendment in the Anti-Money Laundering Act, punishment for such an offence will be up to 10 years while Rs 5 million fine could be imposed.
The meeting was given a detailed briefing about amendments in the Anti-Terrorism Act. FIA director general briefed the prime minister about performance of his agency in money laundering-related cases from November 2018 to February 2019.
The meeting was informed that FIA registered 131 cases under FERA and the Anti-Money Laundering Act by confiscating an amount of Rs 423.304 million and arresting 198 people. The meeting was also briefed about action on information regarding doubtful transactions besides action on complaints about crypto currency. The meeting was told that investigation about relevant inquiries of crypto currency of about 540 million is in progress.
The prime minister was briefed about progress on benami accounts, properties in the UAE and other cases of money laundering. The prime minister was told that as a result of stringent measures by the FIA, there was a visible decrease in hawala and hundi and now there was a difference of just 15 paisas in dollar rates in the open market and the inter-bank. The prime minister was told that there was 12 percent improvement in foreign remittances sent by overseas Pakistanis from July to February. FBR chairman briefed the prime about money laundering and actions taken regarding properties in foreign countries. It was informed that under the currency declaration system, 11,335 declarations had been done on 24 points which were around $171.3 million.
The customs official informed the PM that Rs 314 million currency and other commodities had been confiscated from November 2018 to February 2019, which was just Rs 61 million during the same period last year, registering a 415 percent increase.
Published in Daily Times, March 14th 2019.
