Islamabad: The government plans to amend the Foreign Exchange Regulations Act (FERA) 1947, according to a news report. It aims to regulate the outflow of funds through foreign currency accounts and local transfers of foreign exchange. These amendments will bring greater legal clarity to the system.
The Finance Ministry announced that the Federal Cabinet has approved the proposed amendments and transmitted them to the parliament. The parliament will enact these measures to enhance transparency in financial transactions.
Ministry officials stated that these amendments will help the State Bank of Pakistan’s (SBP) implement its regulations and instructions more effectively. This is also in line with Financial Action Task Force (FATF) requirements. FATF recommended the government to regulate movement of foreign exchange by proscribed organisations. These amendments are slated to help curb terror financing and money laundering.
Finance Minister Asad Umar stated that the government was also in the process of updating the protection of Economic Reforms Act 1992.
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