Pakistan tightens its anti-money laundering law

ISLAMABAD - Agence France-Presse

Pakistani traders sit below a board displaying the latest share prices during trading at The Karachi Stock Exchange (KSE) in Karachi on September 29, 2015. AFP Photo

Pakistan’s parliament has approved amendments to an anti-money laundering law to make it more effective in targeting the financing of extremists and bring it into line with global standards, officials said on Nov. 26.

The National Assembly, the lower chamber of the federal parliament, unanimously approved the amendments on Nov. 25, two weeks after the Senate passed it, parliamentary officials said.

The amendments will boost the law to “deal effectively with terrorism financing,” a senior finance ministry official told AFP, adding that they “reflect the government’s firm resolve to strengthen its anti-money laundering regime.”

The law now complies with international standards outlined by the global Financial Action Task Force (FATF), the official added.

FATF is an inter-governmental body established in 1989 to set standards and promote effective implementation of measures for combatting money laundering, financing for extremists, and other threats related to the integrity of the international financial system.

In June Pakistan’s Central Bank issued regulations for banks and financial institutions to fight money laundering and financing for extremists, and the finance ministry official said the latest amendments also bring the law further in line with those guidelines.