*ISLAMABAD:* The Pakistan Tehreek-e-Insaf (PTI) government on Tuesday tooka step forward in fulfilling the Financial Action Task Force’s (FATF)requirements on curbing money laundering by getting the Anti-MoneyLaundering (Amendment) Bill, 2019, approved from the finance committee ofthe National Assembly.
The bill prescribes punishments for offenders and outlines mechanisms forauthorities to deal with such crimes.
According to the approved bill, violators of the law against moneylaundering will be subject to a prison sentence of up to 10 years insteadof the previous two years, along with a fine of Rs5 million, up from theprevious figure of Rs1m. Furthermore, the investigating officer shall beauthorised to seek remand of the person for a period of 180 days, up fromthe previous 90 days, and shall not need to obtain arrest warrants from thecourt. The offender’s assets will also be seized by authorities.
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The bill was approved during a session of the committee under thechairmanship of former finance minister Asad Umar.
