The National Anti-Money Laundering and Counter Financing of Terrorism Authority Act 2023 has been approved to prevent money laundering and financing of terrorism, and the Financial Action Task Force (FATF) and International fund monitoring ( IMF ) conditions have been fulfilled. According to this act, the authority will coordinate efforts against financial crimes and terrorism financing. The act will be implemented under the supervision of various officials, including the State Bank Governor, Chairman of SECP (Securities and Exchange Commission of Pakistan), Chairman of NAB (National Accountability Bureau), DG FIU (Financial Intelligence Unit), DG ANF (Anti-Narcotics Force), Chairman of FBR (Federal Board of Revenue), DG FIA (Federal Investigation Agency), National Coordinator of National Counter Terrorism Authority, and DG Authority.
he Financial Action Task Force (FATF) and international financial institutions’ important condition has been fulfilled.
According to the details, a bill to prevent money laundering and financing of terrorism was approved by the National Assembly. The bill named the National Anti-Money Laundering and Counter Financing of Terrorism Authority Act 2023.
According to the bill, the Prime Minister will appoint the Chairman of the authority, and its headquarters will be in Islamabad. The authority will include the secretaries of Interior, Finance, and Foreign Affairs.
The bill states that the authority will consist of various officials, such as the State Bank Governor, Chairman of SECP (Securities and Exchange Commission of Pakistan), Chairman of NAB (National Accountability Bureau), DG FIU (Financial Intelligence Unit), DG ANF (Anti-Narcotics Force), Chairman of FBR (Federal Board of Revenue), DG FIA (Federal Investigation Agency), National Coordinator of National Counter Terrorism Authority, and DG Authority.
The authority will have the power to investigate complaints related to financial assistance for terrorism and targeted financial sanctions. It will also be authorized to cooperate with international and national institutions in countering terrorism financing.
The authority will also cooperate with international and national institutions in combating money laundering. The Chairman of the authority will have a term of three years and can be reappointed for another three years.
In case the Chairman of the authority resigns, they will submit their resignation to the Prime Minister. The authority will collect data related to suspicious transactions in Pakistan and conduct joint investigations.
The authority will also consolidate the laws pertaining to anti-money laundering for relevant ministries and institutions. The FATF had demanded action on anti-money laundering laws.
The authority will have the power to investigate complaints under the laws related to financial assistance for terrorism and targeted financial sanctions. It will also be authorized to cooperate with international and national institutions in countering terrorism financing.
Additionally, the Financial Action Task Force (FATF) and International fund monitoring ( IMF ) conditions have been fulfilled, and the National Assembly has approved the bill for the National Anti-Money Laundering and Counter Financing of Terrorism Authority Act 2023. The Chairman of the authority will be appointed by the Prime Minister, and its headquarters will be located in Islamabad. The authority will include secretaries for Interior, Finance, and Foreign Affairs.
Moreover, the authority will gather data related to suspicious transactions in Pakistan and carry out joint operations for investigating suspicious transactions. It will also consolidate the laws pertaining to anti-money laundering for relevant ministries and institutions. The FATF had demanded action on anti-money laundering laws.
Furthermore, several other bills, including the Dispute Resolution Organization Bill 2023, National Logistics Corporation Bill 2023, Air Safety Investigation Amendment Bill 2023, were also approved by the National Assembly.