- Web Desk
- 1 Hour ago
NA approves financial crimes authority bill
- Web Desk
- Aug 04, 2023
ISLAMABAD: The federal government passed a bill in the National Assembly (NA) on Thursday to establish a National Anti-Money Laundering and Counter Financing of Terrorism Authority in Pakistan.
According to Dawn.com, the financial crimes authority bill was proposed by State Minister for Foreign Affairs Hina Rabbani Khar. It aimed to strengthen efforts in countering money laundering and terror financing, with hopes of avoiding punitive actions from the global watchdog, the Financial Action Task Force (FATF).
National Assembly passes the Bill to establish the National Anti-Money Laundering and Counter Financing of Terrorism Authority in Pakistan [The National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023].
Earlier, during the bill's introduction, Hon.… pic.twitter.com/rl7uY6Ht16
— National Assembly 🇵🇰 (@NAofPakistan) August 3, 2023
The reports said that the draft legislation outlined the proposed authority’s composition, with key officials from various government departments, including finance, foreign affairs, interior, the State Bank of Pakistan, and others.
The authority’s responsibilities will include coordinating counter-terrorism efforts, including those of the already established National Counter Terrorism Authority (NACTA) and the government’s financial monitoring unit, the reports stated.
As per the reports, the financial crimes authority bill will institutionalise measures to tackle money laundering and terrorism financing as per FATF requirements.
Additionally, the NA also passed a bill for the reorganisation of the National Logistics Cell (NLC) by establishing a new entity called the National Logistics Corporation.
The new corporation will handle logistics, infrastructure, and other functions previously managed by the NLC, with all relevant funds, properties, and employees being transferred accordingly.