Senate passes Anti-Money Laundering bill unanimously

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ISLAMABAD Nov 13 (APP) Senate on Friday passed unanimously a bill to
amend the Anti-Money Laundering Act, 2010 [The Anti-Money Laundering
(Amendment bill), 2015].
The billion was moved by Minister Finance, Revenue, Economic Affairs,
Statistic and Privatization Muhammad Ishaq Dar.
The senate passed the bill clause by clause.
Statement of objects and reasons of the bill said,in order
to bring further improvement in the Anti-Money Laundering Act, 2010
(ANL ) act and in lines with suggestions of AML/CFT regime
stakeholders, amendments in the AML Act, 2010 are being proposed. The
proposed amendments will 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.