ISLAMABAD, Oct 1 (APP):Finance Minister Asad Umar Monday chaired a meeting to review and finalize proposed amendments/insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions. The amendments cover existing Federal Investigation Agency (FIA) Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and AML Act 2010. The meeting after thorough discussion endorsed the amendments in the relevant laws. Recommendations in this regard would be …
Finance ministry finalizes proposed amendments to prevent illegal foreign exchange transaction
ISLAMABAD, Oct 1 (APP):Finance Minister Asad Umar Monday chaired a meeting to review and finalize proposed amendments/insertions in relevant laws for strengthening
punitive regime to prevent Hundi, Hawala and other illegal foreign exchange
transactions.
The amendments cover existing Federal Investigation Agency (FIA) Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and AML Act 2010.
The meeting after thorough discussion endorsed the amendments in the relevant laws.
Recommendations in this regard would be submitted to the prime minister
shortly.
The finance minister on the occasion strongly reiterated government’s resolve for an
effective campaign against money laundering and transfer of money through
non-banking channels.
He said the amendments would strengthen the institutional framework to augment the
capabilities of various state agencies in dealing with the issues of illegal
money transactions.
The meeting was attended by Attorney General of Pakistan, Secretary Finance, Secretary Ministry of Law and Justice, Secretary Commerce, Acting Secretary Foreign Affairs, Governor State Bank of Pakistan,Special Secretary Interior, Special Secretary Finance and senior officials of Federal Board of Revenue (FBR), FMU, FIA and National Accountability Bureau (NAB).
