Pakistan fulfils Major requirement for the FATF
Islamabad: President Dr Arif Alvi on Thursday signed the Anti-Money Laundering 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 existing anti money laundering law in line with international standards prescribed by FATF.
According to the bill, penalty on money laundering on individual has been increased from Rs5 million to Rs25 million, and for institution and company to Rs100 million. The law also envisages a National Executive Committee (NEC) for implementation on the recommendations.
Financial institutes would be required to provide information for suspicious transactions, and would be required to maintain records of financial transactions for five-year period.