Senate body proposes appropriate amendments in AML Bill-2015

ISLAMABAD, Oct 28 (APP): Senate Standing Committee on
Finance, Revenue and Economic Affairs on Wednesday proposed
to table the Anti-Money Laundering (AML) Amendment Bill- 2015
with appropriate amendments.
The Committee meeting chaired by the Senator Saleem
Mandviwala directed the Finance Ministry to make amendments
in this regard in the bill.
Pakistan Muslim League (Nawaz) PML-N’s Senators Ayesha Raza
Farooq and Nuzhat Sadiq supported the bill and said “We should follow
the international best practice to improve relations with other
countries and institutions”.
Senator Ayesha Raza denied the pressure of the international
financial institutions on amending the AML bill and said the
government is making amendments in AML by following the best
international practices.
Only tax defaulters will be brought under the Anti Money
Laundering, she maintained.
She said that the approval of Anti-Money Laundering
(amendment) Bill 2015 would help controlling tax evasion and
generate more revenues.
She tried to convince the members of the committee to approve
the AML amendment bill saying that the government will address the
concerns of the members before approving the Anti Money Laundering
(amendment) bill.
The committee decided to get proposals on AML bill 2015 from
its members.
Senators from Pakistan Muslim League (PML-Q) and Pakistan Peoples
Party (PPP) strongly opposed the bill.
Senator Fateh Mohammad Hassani said that after approval of the
bill one would have to face charges of Anti Money Laundering if FBR
imposes fine on him or her.
Senator Mohsin Khan Leghari said that bill should not be passed
in hurry.
Senators Mohsin Aziz, Ilyas Ahmad Bilour, Muhamad Mohsin Khan
Leghari, Kamil Ali Agha, Mrs. Nuzhar Sadiq, Sardar Fateh Muhammad
Hassani and officials of AGPR and Federal Board of Revenue (FBR)
attended the meeting.