The federal government of Pakistan has passed a bill to create a new authority that will counter money laundering and terror financing. The bill proposes the establishment of a National Anti-Money Laundering and Counter Financing of Terrorism Authority. The government is rushing this legislation through the National Assembly in order to avoid punitive actions from the Financial Action Task Force (FATF), a global watchdog for money laundering and terrorism financing. Pakistan was previously on the FATF “grey list” for four years but was removed in October 2022. The proposed authority will be led by a chairman and will include various government officials from different departments and agencies. The bill also brings the already established National Counter Terrorism Authority (Nacta) and the government’s Financial Monitoring Unit under the authority’s umbrella. The objective of the bill is to ensure Pakistan cooperates with international organizations in the fight against money laundering, terrorism financing, and targeted financial sanctions. Additionally, the National Assembly passed another bill for the reorganization of the National Logistics Cell (NLC) and the establishment of a National Logistics Corporation to take over its functions.
>Source link>
>>Join our Facebook Group be part of community. <<