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PM Imran Khan chairs important meeting on anti money laundering

Lahore : A high-level meeting, chaired by Prime Minister Imran Khan on Wednesday decided to include relevant clauses of Money Laundering Act 2010 into Anti-Terrorism Act to bring the perpetrators of money laundering before the law.

The meeting discussed the legal and administrative steps taken for prevention of money laundering and the achievements so far in that regard.

Law Minister Muhammad Farogh Naseem briefed the prime minister about the amendments in Foreign Exchange Regulations Act 1947, Anti Money Laundering Act 2010, and Anti-Terrorism Act 1997, to
make money laundering laws further more effective. It was proposed to amend the Foreign Exchange Regulation Act 1947, to increase the imprisonment from two years to five years for violation of FERA laws.
Through the proposed amendment, offences regarding FERA will be made under exercise of authority and non-bailable and trial of FERA related
cases will be completed from six months to one year.

The meeting was informed that after amendment in
Anti-Money Laundering Act , punishment for such an offence to be up to 10 years while Rs five million fine will be imposed. The meeting was given a detailed briefing about amendments in Anti-Terrorism Act. DG
FIA briefed the prime minister about performance of FIA in money laundering related cases from November 2018 to February 2019.

The meeting was informed that FIA registered 131 cases of foreign exchange regulation act and anti money laundering act by confiscating Rs 423.304 million and arrested 198 people in that regard.

The meeting was also briefed about action on information regarding doubtful transactions besides action on complaints of crypto currency. The meeting was told that investigation about relevant inquiries of crypto currency of about 540 million was in progress.

The prime minister was briefed about progress on Benami Accounts,properties in the UAE and other cases of money laundering. The prime minister was told that as a result of stringent measures by FIA, there was a visible decrease in Hawala and Hundi and today there was a difference of just 15 paisas in dollar rates of open market and inter-bank.

The prime minister was told that there was 12 percent
improvement in foreign remittances sent by overseas Pakistanis from July to February.

Chairman FBR briefed the PM about money laundering and actions taken regarding properties in foreign countries. The prime minister was told that customs and inland revenue intelligence would
be made powerful and effective under the powers of money laundering act. It was informed that under the currency declaration system, 11335 declaration had been done on 24 points which were around $171.3
million.

The customs official informed the PM that Rs 314 million currency and other commodities had been confiscated from November 2018 to February 2019, which was just Rs 61 million during the same period
last year, registering 415 percent increase.

It was told that 335 reports of doubtful transactions had been received in which inquiries against 510 people had been initiated and Rs 6600 million had been received so for. The prime minister was
told that Chief Collectorate in Quetta while Enforcement Collectorate in Peshawar, Quetta and Karachi had been established.

The meeting was told that the FBR had created a demand of Rs 14 billion out of which Rs 6 billion had been recovered. It was informed that Rs 278 million had been received from 556 cases of UAE.

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