Pak Parliament approves 4 FATF-related bills

Pakistan Parliament’s lower house on Wednesday passed four bills related to the tough conditions set by the global money laundering and terrorist financing watchdog FATF after the government and the Opposition reached a consensus.

The legislation is part of the efforts by Pakistan to move from the Paris-based Financial Action Task Force (FATF) grey list to the white list.

The FATF put Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action by the end of 2019 but the deadline was extended later due to COVID-19 pandemic.

Law Minister Farogh Naseem termed it a historic day that the FATF-related legislation was “passed with consensus in the larger interest of the country”.

The Anti-Terrorism (Amendment) Bill 2020, the Companies (Amendment) Bill 2020, the Limited Liability Partnership (Amendment) Bill 2020 and the Control of Narcotic Substances (Amendment) Bill 2020 were moved by him in the National Assembly.

He said that whitening the economy and checking terror financing are key to take the country forward on the path of development. “It is also our aim to simplify the legislation and ensure protection of fundamental rights of the people,” he said.