Islamabad: President Dr Arif Alvi on Thursday signed the Anti-MoneyLaundering Bill 2020 into a law to fulfill the Financial Action Task Force(FATF) requirements.
The bill went into effect immediately after it was signed by the President.
The Anti-Money Laundering Bill, 2020 is aimed at streamlining the existinganti money laundering law in line with international standards prescribedby FATF.
According to the bill, penalty on money laundering on individual has beenincreased from Rs5 million to Rs25 million, and for institution and companyto Rs100 million. The law also envisages a National Executive Committee(NEC) for implementation on the recommendations.
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Financial institutes would be required to provide information forsuspicious transactions, and would be required to maintain records offinancial transactions for five-year period.
