Pakistan approves AML Bill

On February 24, 2010, Pakistan’s Senate standing committee on finance unanimously approved the Anti-Money Laundering and Combating Terrorism Financing Bill 2009. The approved legislation is aimed at effectively checking suspicious business transactions used for terrorist financing.

The committee which, under the chairmanship of Ahmed Ali, gave formal approval of the bill linked the approval of the Bill with a condition that the Ministry of Finance and committee would together prepare proposed amendments in the Anti-Money Laundering and Combating Terrorism Financing Act within a year.

The Anti-Money Laundering and Combating Terrorism Financing Ordinance is to expire on March 26, 2010, therefore, due to the urgency of the issue, the proposed bill should have been passed by the Senate as soon as possible. As the Bill has been approved by the Senate, it will be sent to Prime Minister to obtain necessary approval to have a status of a law.

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