The Pakistan federal government has taken a new step in fighting money laundering and terrorism financing. The government established a National Database for money laundering and terrorism and received access from Counter-Terrorism and other regulatory agencies. The finance ministry official said on Saturday, that the pandemic affected its progress, but reports will be sent to FATF before June. The database is jointly established by the federal government, NCTA and NADRA, with additional data from the provincial department. The database will be used to register refugees from Afghan.
Sources revealed that the government is amending the laws to prevent financing crimes and increase associated penalties and fines. Already, the committees in charge have approved the amendments. The government also introduced the National Savings Scheme as a measure to stop money laundering and financing of terrorists through the schemes. The action is expected to strengthen investigations by the National Accountability Bureau and other law enforcement agencies.
