Senate's Body Increases Penalty For Money Laundering

Senate's body increases penalty for money laundering

Those who would found involved in the money laundering through taking money abroad illegally would be punished with 10 years non bail-able term and fine of Rs 5 million

Islamabad (Pakistan Point News / Online - 07th January, 2020) Those who would found involved in the money laundering through taking money abroad illegally would be punished with 10 years non bail-able term and fine of Rs 5 million.The decision of enhancing the punishment for money laundering during a meeting of the Senate Standing Committee on Finance Revenue and Economic Affairs that was held on Tuesday, at parliament under the chairmanship of Senator Farooq Hamid Naek.

Agenda presented before the committee included a Bill further to amend the Foreign Exchange Regulation Act, 1947(The Foreign Exchange Regulation (Amendment) Bill, 2019) and a Bill further to amend the Anti-money Laundering Act 2010 (The Anti-money Laundering (Amendment) Bill 2019).The committee was briefed on the FATF action plan and legal amendments. It was asserted that all amendments were in line with FATF recommendations and if enactment takes place before the scheduled meetings it would strengthen Pakistan's compliance position.The meeting considered the amendments clause by clause and approved some of them without amendments. Some amendments were rejected right away while some were approved partly. The committee expressed serious concern over the restriction of carrying USD10000 within the country and rejected the amendment unanimously.