The National Assembly approved the National Anti-Money Laundering and Counter Financing of Terrorism Act 2023 on Thursday.
The Prime Minister will appoint chairman of the authority and its headquarters will be in Islamabad.
The Governor State Bank, Chairman Securities and Exchange Commission of Pakistan (SECP), Chairman National Accountability Bureau (NAB), Director General (DG) Federal Investigation Agency (FIA), DG Anti-Narcotics, Chairman Federal Board of Revenue (FBR), DG Financial Monitoring Unit, three secretaries including Interior, Finance and Foreign Affairs, the DG and Coordinator of the National Anti-Terrorism Authority will be part of the authority.
The authority will devise national strategy and ensure its implementation to curb terrorism financing and anti-money laundering.
It will propose the government to introduce modern laws to restrict money laundering and financial assistance to the terrorists.
According to the bill, the authority chairman will be appointed for three years and he can also be appointed again for the same period.
If chairman of the authority wants to resign, then he will submit resignation to the Prime Minister.
Meanwhile, the President of Pakistan Arif Alvi approved two bills including Board of Investment (Amended) Bill 2023 and Pakistan General Cosmetic (PGC) Bill 2023.
Purpose of the PGC Bill is to regulate sale and purchase, quality, packing, manufacturing, storage and distribution of the cosmetic products.
