The Finance Ministry officials give recommendations of strict punishment to the person found involved in money laundering.
ISLAMABAD: (Urdu Point/Pakistan Point News-Jan 7th, 2020) A Senate’s standing committee on Finance approved a bill for anti-money laundering, the sources said here on Tuesday.
The Committee also approved implementation on FATF’s recommendations to help the country get out of grey list.
The committee was chaired by Chairman Farooq H. Naek In Islamabad. The officials of the Finance Ministry told the committee that the purpose of this bill was to stop money laundering in the country. There is 10-year imprisonment and 5 million Riyal fine for a person who is found guilty of money laundering in Saudi Arabia, the committee was briefed.
The officials said that fine of over 500,000 Singaporean Dollars is imposed on a person who is found involved in money laundering in Singapore. Pakistan needed strict punishment to ensure steps against anti-money laundering. They said that investigation took huge time in money laundering cases and therefore at least 180-day confiscation of the property should be allowed for the persons allowed in money-laundering.
