Pakistan’s upper house of Parliament has recently passed a bill to establish a new authority aimed at combating money laundering and terror financing. Despite opposition from some Senators, the legislation titled “National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill” has received approval.
The proposed authority will be led by a chairman and comprise key officials, including federal secretaries for finance, foreign affairs, and interior, the governor of the State Bank of Pakistan, and chairpersons of various regulatory bodies and law enforcement agencies. Additionally, it will involve the national coordinator of the National Counter Terrorism Authority (Nacta) and chief secretaries of all provinces, Azad Kashmir, and Gilgit-Baltistan.
The bill aims to improve coordination and cooperation on counter-terrorism efforts, as well as establishing a framework for anti-money laundering, countering financing of terrorism, and targeted financial sanctions. Pakistan is mandated to collaborate with international organizations in this regard.
Hina Rabbani Khar, the State Minister for Foreign Affairs, highlighted the significance of the bill, emphasizing its role in continuing the government’s efforts to remove Pakistan from the Financial Action Task Force (FATF) grey list. She also discussed the history and increasing importance of FATF as a global norms setter for anti-money laundering, terrorist financing, and proliferation control.
The passage of this bill reflects Pakistan’s commitment to combat money laundering and terror financing, aligning with international standards and demonstrating its dedication to proactive measures.
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