Islamabad: The cabinet is set to review the amendments in the country’s company and other laws in its upcoming meeting on Thursday in order to meet the requirements of the Financial Action Task Force (FATF), according to a news report published today (July 7).
The laws will primarily focus on increasing coordination with other states on anti-money laundering and anti-terror financing issues. The Asia-Pacific Group (APG) – an FATF body – had delineated the lacunas in Pakistani laws particularly in laws relating to the Securities and Exchange Commission of Pakistan (SECP) and others on the matter.
A summary of the amendments will be presented to the cabinet to fill the lacunas through changes in the Companies Act 2017 and Limited Liability Partnership Act 2017. The SECP prepared the required amendments and these have been given the green signal by the SECP Policy Board and the Ministries of Law and Finance.
Furthermore, the SECP also had the amendments examined by international experts to ensure that they meet the required needs as per Pakistan’s international commitments.
