Finance Ministry proposed amendments in laws to curb money laundering in Pakistan

Finance Ministry proposed amendments in laws to curb money laundering in Pakistan
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ISLAMABAD – The finance ministry on Monday proposed several amendments in relevant laws to prevent hundi, hawala and other illegal modes of transactions.

A meeting in this regard took place in Islamabad with Finance Minister Asad Umar in the chair, said a statement issued by the Press Information Department.

“The amendments cover existing FIA Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and AML Act 2010. The meeting after thorough discussion endorsed the amendments in the relevant laws,” it added.

Asad Umar on the occasion said the Pakistan Tehreek-e-Insaf (PTI) government was committed to eliminate money laundering and transfer of money through non-banking channels.

“The amendments would strengthen the institutional framework to augment the capabilities of various state agencies in dealing with the issues of illegal money transactions,” he added.

Economy