Imran Khan directs legislation to curb money laundering, Hundi-Hawala

ISLAMABAD, Pakistan: Prime Minister Imran Khan has directed that a new legislation should be finalized within a week’s time to effectively deal with the offences related to money laundering and to further strengthen the existing laws to effectively check Hundi-Hawala and other illegal/corrupt practices that were negatively impacting the economy of the Country.

In a high level meeting at Prime Minister’s Office in Islamabad on Friday, Imran Khan also approved a package to further incentivize remittance through legal channels.

The meeting was attended by Finance Minister Asad Omar, Attorney General Anwar Mansoor Khan, Prime Minister’s Special Assistant (SAPM) Zulfiqar Abbas Bukhari, SAPM Iftikhar Durrani, Federal Secretaries, Director General Federal Investigation Agency (FIA), Chairman NADRA, Deputy Governor State Bank of Pakistan and other senior officials.

It was decided during the meeting that the State Bank of Pakistan, being the regulatory authority in the banking sector, would take action against elements who were involved in facilitating opening and operation of fake bank accounts in the country.

The prime minister also tasked the secretary finance to submit recommendations for regulating trade under Pak-Afghan Transit Trade Agreement with an aim to effectively check misuse of the agreement.

It was also decided during the meeting that necessary amendments would be introduced in the existing laws including Anti-Money Laundering Act 2010 to further strengthen these laws for effectively dealing with the cases of money laundering and other illegal practices.

The secretary interior informed the meeting that task forces, at national as well as provincial levels, have been constituted with an aim to identify legislative and administrative constraints in effective implementation of AML activities and to suggest corrective measures towards its eradication.

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