In yet another hasty decision, the Senate on Friday passed a bill to set up an authority to counter money laundering and terror financing despite opposition by some senators.
The “National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill” was tabled in the Senate by State Minister for Foreign Affairs Hina Rabbani Khar.
The draft says the proposed authority will be headed by a chairman and will consist of the federal secretaries for finance, foreign affairs and interior; the State Bank of Pakistan governor, chairpersons of the Securities and Exchange Commission of Pakistan, National Accountability Bureau and Federal Board of Revenue; directors general of the Federal Investigation Agency, Anti Narcotics Force and Financial Monitoring Unit; national coordinator of the National Counter Terrorism Authority (Nacta); and chief secretaries of all four provinces, Azad Kashmir and Gilgit-Baltistan.
Most of these officials were also part of Nacta formed in 2008. The authority remained dormant for years as it could not convene its meetings because of the unavailability of members.
According to the new legislation, the authority can convene meetings on the requisition of the chairman or half of its members.
A day earlier (Thursday), the National Assembly passed the National Anti-Money Laundering, Counter Financing of Terrorism Authority Bill 2023 to avoid the Financial Action Task Force (FATF) grey list again. The Lower House also passed six government bills during Thursday’s session.
Minister of State for Foreign Affairs Hina Rabbani Khar told the house that the legislation was of immense importance and, if properly enforced and implemented, it would make sure that Pakistan did not see the FATF grey list again.
Khar said the bill envisages the establishment of a National Anti-Money Laundering and Counter Financing of Terrorism Authority.
Other government bills which sailed through the house were ‘The Protection of Journalists and Media Professionals (Amendment) Bill, 2023’, ‘The Press, Newspapers, News Agencies and Books Registration (Amendment) Bill, 2023’, ‘Pakistan Civil Aviation Bill, 2023’, the ‘National Logistics Corporation Bill, 2023’, ‘The Gun and Country Club Bill, 2023’ and the ‘Pakistan Air Safety Investigation Bill, 2023’.
