Pakistan has decided to amend existing laws to combat financing of terrorism after an international anti-terrorism financing watchdog highlighted that despite ‘observing’ violations, anti-money laundering laws (AML) were not being enforced.
The decision was taken on Friday during a meeting, chaired by Finance Minister Dr Abdul Hafeez Shaikh, held to review the status of AML and to plug loopholes in the existing laws.
Informed sources told The Express Tribune that the government will soon table the AML Act 2010 and another law pertaining to the inward movement of foreign currency to address concerns raised by the US through the Financial Action Task Force (FATF).
FATF is an inter-governmental body working for the promotion of national and international policies to combat money laundering and terrorist financing.
According to an official handout, the meeting “noted that despite a number of anti-terrorist cases, the prominence required to build AML aspects required further strengthening”.
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