Anti-money laundering law to be amended with stricter punishments
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A high-level meeting chaired by Prime Minister Imran Khan on Wednesday decided to amend the Anti-Money Laundering (AML) Act, 2010, with stricter punishments to be imposed in an effort to bring individuals involved in money laundering to book.
The meeting discussed the legal and administrative steps taken for prevention of money laundering and the achievements so far in that regard.
Law Minister Farogh Naseem briefed the meeting about the amendments made in the Foreign Exchange Regulations Act (FERA), 1947, AML Act, 2010, and the ATA, 1997, to make money laundering laws more effective.
As per the amendment proposed for the AML Act, the punishment for money laundering crimes will be increased to up to 10 years’ imprisonment while the fine will be increased to Rs5 million.
It was also decided that relevant clauses of the AML Act will be included in the Anti-Terrorism Act (ATA), 1997.
It was proposed that FERA 1947 should be amended to increase the punishment for an offence under the law from two years’ imprisonment to five years. Through the proposed amendment, offences under FERA will be made cognizable and non-bailable. The trial of such will be completed between six months and one year.
The director general of the Federal Investigation Agency briefed the prime minister about his agency’s performance in money laundering-related cases between November 2018 and February 2019. Agencies
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