The Senate on Friday passed unanimously a bill to amend the Anti-Money Laundering Act, 2010, [the Anti-Money Laundering (Amendment Bill), 2015].
The bill, moved by Minister for Finance, Revenue, Economic Affairs, Statistic and Privatisation Muhammad Ishaq Dar, was passed clause by clause.
The bill’s statement of objects and reasons said that in order to bring further improvement in the Anti-Money Laundering Act, 2010 and in lines with suggestions of AML/CFT regime stakeholders, amendments in the AML Act, 2010, are being proposed. The proposed amendments would reflect the government’s firms resolve to strengthen its anti-money laundering regime.
These amendments are aimed at streamlining the existing AML law in line with international standards prescribed by Financial Action Task Force (FATF) and to bring consistency and clarity in the enforcement provisions.
These amendments would help the government to ensure that proceeds of crimes and property involved in money laundering are detected, investigated and prosecuted effectively.
