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PM Imran gives one week deadline for legislation against money laundering

ISLAMABAD: Prime Minister Imran Khan on Friday gave one week dead line to concerned authorities to finalize a new legislation to effectively deal with the offences related to money laundering.

Chairing a high level meeting at his office, PM Imran also directed to further strengthen the existing laws to effectively check hawala hundi and other illegal practices that were negatively impacting the economy of the country.

According to a statement released from the ministry, he also approved a package to further incentivize remittance through legal channels.

It was decided during the meeting that State Bank of Pakistan, being the regulatory authority in the banking sector, would take action against elements who were involved in facilitating opening and operation of fake bank accounts in the country, reads the statement.

The meeting also decided that necessary amendments would be introduced in the existing laws including Anti-Money Laundering Act 2010 to further strengthen these laws for effectively dealing with the cases of money laundering and other illegal practices.

Secretary Interior informed the meeting that task forces, at national as well as provincial levels, have been constituted with an aim to identify legislative and administrative constraints in effective implementation of AML activities and to suggest corrective measures towards its eradication.

The provincial task forces have been mandated to take timely action against individuals/institutions identified as involved in activities falling within domains of Hawala , Hundi.

The national task force will submit monthly report to the PM Office on performance including coordinated actions undertaken and recoveries effected.

The Prime Minister also approved a package for enhancement of incentives for remittances through legal channels. It was decided to increase airtime to Rs2 against each USD received through M Wallet. It was also decided that banks and exchange companies would be reimbursed Rs1 per USD as marketing expenses and promotional activities on remittances exceeding 15% in FY19 compared to FY18.

The meeting was attended by Finance Minister Asad Umar, Attorney General Anwar Mansoor Khan, Federal Secretaries, DG FIA, Chairman NADRA, deputy governor SBP and other senior officials.

The post PM Imran gives one week deadline for legislation against money laundering appeared first on ARYNEWS.

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