‘Laws against money laundering a must’


ISLAMABAD: The need for effective legislation against money laundering to monitor foreign funding to terrorist organization was stressed by Federal Minister for Law, Justice and Parliamentary Affairs Senator Babar Awan in a seminar titled ‘Money laundering and Implication for Counter-terrorism Efforts’ organized by Pakistan Institute of Legislative Development And Transparency (PILDAT)on Tuesday.
“There is neither a record nor a tax on the laundered amount,” he said, adding that some external forces wanted “insurgency to continue in Pakistan to achieve their nefarious designs.”
Only a proper legislation can control laundering, he said, adding that only 3 percent of laundering cases had been prosecuted in court. Law Ministry will hold a conference in the second week of January to finalise the legislation, he informed.