Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the meeting of the National Executive Committee (NEC) that took the decision. The meeting agreed that at least 12 and perhaps a few more laws and sub-ordinance laws would have to be amended to meet conditions set by the FATF. Completing an overall legal framework for FATF compliance is also necessary for for further legislation and procedural upgradations by various agencies and institutions. Media sources have also revealed that the laws facing amendment include the Anti-Terrorism Act, the Mutual Legal Assistance Act, and the Companies Act of 1984. This is to make sure that all fields currently unregulated are properly brought under a regulatory framework, which is in line with the FATF requirements.

Source: Pakistan Today February 02, 2020 04:55 UTC