Islamabad: The federal government is looking to assign additional regulatory authority to both public and private bodies in its efforts to tackle money laundering — with the initiative aimed at meeting the requirements of the Financial Action Task Force (FATF), a news source reported on July 24.
The government is introducing the measure with a view to effectively regulate high-risk businesses and professions that are prone to money laundering and terror financing.
Recently, the government had also approved amendments in the Anti-Money Laundering Act 2010, which will now be tabled before the parliament for approval. The law had been amended a few months ago, but the government had not been able to meet all the requirements back then; which is why it needs to be amended again.
The joint group of the FATF is expected to meet in September to review Pakistan’s performance — with the said amendments to be placed before a FATF plenary session at this time.
