By Staff Reporter
ISLAMABAD: Pakistan’s Senate on Friday approved a bill to establish a new authority to combat money laundering and terror financing, a day after the lower house of parliament passed the legislation amid opposition protests.
The National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill aims to create a central body to coordinate the efforts of various government agencies and provincial authorities in tackling illicit financial flows and complying with international standards.
The bill was tabled by State Minister for Foreign Affairs Hina Rabbani Khar, who said it was necessary to consolidate Pakistan’s progress in getting out of the grey list of the Financial Action Task Force (FATF), a global watchdog that monitors countries’ compliance with anti-money laundering and counter-terrorism financing rules.
Pakistan was on the FATF’s grey list till 2022.
Khar said the proposed authority would be headed by a chairman appointed by the prime minister and would include senior officials from the finance, foreign affairs and interior ministries, as well as representatives from the central bank, the anti-corruption bureau, the tax authority, the police and the provinces.
She said the authority would ensure that Pakistan’s anti-money laundering and counter-terrorism financing regime was in line with FATF’s recommendations and that any loopholes or gaps were identified and addressed.
The bill was passed by a majority vote in the Senate, despite objections from some opposition senators who questioned its legality and effectiveness. They argued that the bill was rushed through parliament without proper consultation and scrutiny, and that it would create another bureaucratic layer without addressing the root causes of money laundering and terror financing.
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