Friday, October 30, 2020

Pakistan: Anti-money laundering Bill 2019 passed by Parliament

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Anti Money laundering Bill 2019 has been passed by Parliament, important features of the new act have also been revealed.

As per the media report, National Assembly on Monday passed Anti-Money Laundering (Amendment) Bill, 2019 with a clear majority.

The bill was moved by Minister of State for Parliamentary Ali Muhammad Khan on behalf of Advisor to Finance Abdul Hafeez Sheikh.

According to the bill, the sentences of the people involved in the money laundering will increased. Under the bill, those involved in suspected transactions could be handed 10 years imprisonment.

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Those involved in money laundering will now be fined up to Rs 500,000.

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