Islamabad, Aug 3 (Online): An important bill for the establishment of the Authority for Anti-Money Laundering and Prevention of Financing of Terrorism (AML/CFT) has also been approved by the National Assembly on Thursday, under which the authority will also be able to impose targeted financial sanctions.
According to the contents of the bill for the establishment of the National Anti-Money Laundering and Counter Financing of Terrorism Authority approved by the National Assembly, the authority will monitor the transactions of relevant institutions against anti-money laundering and counter-financing of terrorism.
The authority will also impose targeted financial sanctions. The Authority will act as a focal point for FATF and other relevant international organizations.
According to the bill, the authority will oversee the national strategy to combat money laundering and terrorist financing.
The Authority will also be able to approve the National Action Plan (NAP) in the context of the National Strategy.
The Authority will be able to review the national policies, laws and regulations against money laundering and terrorist financing and also recommend amendments in the relevant laws.
And send recommendations to the federal and provincial governments for policy making. The appointment of the chairman of the authority will be the authority of the prime minister.
The chairman will be appointed for three years. The appointment of the Director General of the Authority will also be the authority of the Prime Minister.
Secretary Finance, Foreign Affairs, Interior, Governor State Bank, Chairman SECP, Chairman NAB, DG FIA, DG ANF, Chairman FBR, DG Financial Monitoring Unit and National Coordinator of NECTA are also the part of the authority.
After the passage of the law, the National Financial Action Task Force Coordination Committee and the National Financial Action Task Force will be abolished.
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