The Senate has passed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill. This bill aims to address money-laundering and strengthen existing laws to combat illegal practices that harm the economy. Minister of State for Foreign Affairs, Hina Rabbani Khar, spoke in favor of the bill and stated that it is part of the government’s efforts to keep Pakistan off the Financial Action Task Force’s (FATF) grey-list. The bill proposes the establishment of a National Anti-Money Laundering and Counter Financing of Terrorism Authority, headed by a chairman appointed by the prime minister. This authority will include key individuals from various government departments and agencies to ensure effective coordination. Khar emphasized that the establishment of this authority will streamline the work within the government and different provinces, enabling better monitoring and identification of any issues before they become serious problems. In October 2021, Pakistan was removed from the FATF’s grey-list after being on it for four years.
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