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.

Comments

Accountability court hears assets case against Ishaq Dar

ISLAMABAD: An accountability court in Islamabad on Wednesday resumed the hearing of a reference filed against former finance minister Ishaq Dar by the National Accountability Bureau (NAB) for allegedly accumulating assets beyond his known sources of income. Judge Muhammad Bashir is recording the statement of a prosecution witness, Ishtiaq Ahmed. At the previous hearing, the accountability judge had reserved his verdict on an application filed by two co-accused seeking acquittal in the case. Naeem Mehmood and Mansoor Rizvi, who are directors of Dar’s companies, had filed the application requesting the judge to exonerate them from all charges for want of evidence. Qazi Misbah, the counsel for the two co-accused, contended the prosecution has failed to provide compelling evidence to prove the allegations leveled against his clients. The third co-accused President National Bank of Pakistan (NBP), Saeed Ahmed, had already filed an application before the court for his acquittal wh...

SFA raids several restaurants in Karachi, imposes fine

KARACHI: The Sindh Food Authority (SFA) on Friday raided several restaurants in city’s North Nazimabad area over unhygienic conditions, ARY News reported. According to the SFA, one of the restaurants was found utilizing the used oil multiple times. The items were also not properly frozen while crockery for serving the food was also not clean. The team imposed a fine of Rs 50,000 on the restaurant. The SFA team found hygiene standards were sheerly compromised in food making to the core. The food inspectors said they had previously served notices to the food outlets, but the restaurant owners apparently turned a blind eye to it. Raids were also conducted in district Malir and Gulshan-e-Hadeed. Sanitary conditions and lack of fumigation facilities were found at the restaurants in some of the Malir outlets. The SFA team also raided a bakery ‘Friend Bakers’ and imposed a fine of Rs 20,000 over poor hygiene. Similarly another roadside restaurant was fined Rs 20,000 for neglecting he...

Trump says US generals feel Beirut blast was likely an ‘attack’

WASHINGTON: President Donald Trump on Tuesday cast a massive explosion in Beirut as a possible attack, despite statements by Lebanese leaders that it was likely caused by highly explosive material that had been stored at warehouses in the capital for years. “The United States stands ready to assist Lebanon,” Trump said at a White House briefing of Tuesday’s explosion, which killed at least 78 people and injured thousands. “It looks like a terrible attack.” When asked later about his depiction of the explosion, Trump said that he had met with some U.S. generals who feel the blast was not “some kind of a manufacturing explosion type of event.” He told reporters that according to these unnamed generals “they seem to think it was an attack. It was a bomb of some kind.” The Pentagon referred questions to the White House. Two U.S. officials, speaking on the condition of anonymity, said it was unclear where Trump was receiving his information but that initial information did not appear...

Siasat Wala Blog

Search This Blog