The high level meeting chaired by Prime Minister Imran Khan in Islamabad on Wednesday (March 13) decided to amend the Anti-Money Laundering Act 2010 to bring individuals involved in money laundering to the book.
Law Minister Muhammad Farogh Nasim briefed the meeting that relevant clauses of the anti -money laundering law will be included in Anti-Terrorism Act. He said under the proposed amendments, trial of all crimes will be completed within six to 12 month adding that the proposed amendments will declare money laundering cognizable and non-bail able offence. He said imprisonment sentence will be enhanced up to ten years and fine be increased to five millions.
Director General Federal Investigation Agency FIA told the meeting that the Agency has registered 131 cases under Foreign Exchange Regulation and Anti-Money Laundering Act and ceased 423.304 million rupees apprehending 198 culprits. Chairman FBR briefed the Prime Minister about actions being taking regarding foreign assets and money laundering by the Board.
Meanwhile, Prime Minister Imran Khan has said that Evacuee Trust Property Board will be restructured to end the corruption in the department.
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20 July, 2019