Pakistan may approve anti-money laundering bill
On April 8, 2009, the Cabinet of Pakistan is likely to approve the much-awaited revised Anti-Money Laundering Ordinance. According to this regulations, money launderers will face up to 10 years imprisonment, Rs 1000000 fine, or forfeiture of property.
According to the proposed legislation, if a company, its director, or any other employee is involved in money laundering, the amount of fine will be increased to Rs 5000000.
The Anti-Money Laundering Ordinance 2007 was considered by the Cabinet on September 24, 2008, and it was approved in principle. But the Law Ministry should examine the proposed amendments in details and re-submit the draft bill for approval of the Cabinet.