Govt amending FIA, Fera, Customs acts

ISLAMABAD: Ahead of upcoming visit of the mission for complying with recommendations of Financial Action Task Force (FATF), the PTI led government decided to bring amendments to existing FIA Act, 1974, Foreign Exchange Regulation Act (Fera), 1947, Customs Act, 1969 and AML Act, 2010, for strengthening laws to combat money laundering and terror financing.

A high level meeting chaired by the Finance Minister, Asad Umar, here on Monday reviewed and finalised proposed amendments to/insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions.

The amendments cover existing FIA Act, 1974, Foreign Exchange Regulation Act 1947 (Fera), Customs Act, 1969 and AML Act, 2010.

The meeting after thorough discussion endorsed the amendments to 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 FBR, FMU, FIA and NAB.