ISLAMABAD: The Ministry of Finance on Monday finalised proposed amendments or insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions.
Finance Minister Asad Umar chaired a meeting to review and finalise the proposed amendments. The meeting after thorough discussion endorsed the amendments in the relevant laws.
The amendments cover existing Federal Investigation Agency (FIA) Act 1974, Foreign Exchange Regulation Act 1947 (FERA), Customs Act 1969 and AML Act 2010.
Recommendations in this regard would be submitted to the prime minister soon.
The finance minister on the occasion strongly reiterated government’s resolve for an effective campaign against money laundering and transfer of money through non-banking channels.
He said the amendments would strengthen the institutional framework to augment the capabilities of various state agencies in dealing with the issues of illegal money transactions.
The meeting was attended by attorney general of Pakistan, secretary finance, secretary law and justice, secretary commerce, acting secretary foreign affairs, State Bank of Pakistan (SBP) governor, special secretary interior, special secretary finance and senior officials of FBR, FMU, FIA and NAB.
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