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Legislation Was Necessary To Curb Financial Corruption, Money Laundering: Shahzad Akbar


Aizbah KhanWeb Editor

19th Sep, 2020. 08:25 pm
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Information Minister Shibli Faraz Said that government had no choice but to legislate against money laundering and terrorism.

Addressing a press conference in Islamabad along with Special Assistant for Accountability Shehzad Akbar, Shibli Faraz said that in the light of FATF conditions, we had to take steps to curb money laundering and terrorist financing.

“In the past, our rulers were involved in money laundering and that is why they did not enact legislation to stop,” he said.

On the occasion, the Special Assistant to the Prime Minister for Accountability said that the FATF legislation needed clauses in financial matters that would curb things like financial corruption and money laundering.

He said that if Pakistan went to the grey list, now there was a danger that we will enter to the blacklist, so it is the duty of a responsible government to ensure that these things do not happen and Pakistan gets out of the grey list and comes back to the white.

He said that when the bill was made in the light of the recommendations, negotiations started with the opposition but the opposition got stuck on the anti-money laundering bill. Anti-money laundering was first enacted in 2007 in the form of an ordinance. When it was reviewed, there were many shortcomings in it which were identified and it was decided that the law will be improved by removing these shortcomings because these cases of fake accounts come to light only because of many lapses in this law.

The Special Assistant added that the FATF was demanding that we consider money laundering a serious crime while we could not immediately file an FIR on the crime on which they had reservations.

Shehzad Akbar claimed that the law enacted during the PPP regime in 2010 included the FIA, Anti-Narcotics Force, Customs and Investigation Intelligence FBR, Counter-Terrorism Department and National Accountability Bureau.