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FATF Bill To Be Tabled In Parliament Despite Deadlock

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Ruling party Pakistan Tehreek-e-Insaf (PTI) has decided to table the Financial Action Task Force (FATF) bill in the parliament, despite the deadlock with the opposition parties that demanded changes in the National Accountability Bureau (NAB) laws.

Federal Minister for Information Shibli Faraz issued a statement in this regard, saying that there is a deadlock between the government and the opposition over proposed changes in NAB laws. “The government cannot allow the modifications and conditions proposed by the opposition,” he said.

Farogh Naseem added that the opposition wants to link FATF bill with changes it has proposed in NAB laws, including “no action against cases that were reported [or took place] before 2015 as well as those between 1985 and 1999”.

Last month, FATF had asked Pakistan to pass amendments in the Anti-Money Laundering and Foreign Exchange Regulation laws within the next three months to comply with the conditions set forth by the task force.

On April 7, the international financial watchdog extended the deadline of Pakistan for submitting the performance report for five months in view of the coronavirus pandemic. The report is to comprise details on 13 targets to counter money laundering and terror financing in the country.

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