Finance Minister chaired a meeting regarding strengthening and adopting a punitive regime to prevent Hundi, Hawala, other illegal foreign exchange transactions.
A high level meeting chaired by the Finance Minister, Asad Umar here on Monday reviewed and finalized proposed amendments/insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions.
The amendments cover existing FIA Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and AML Act 2010.
The meeting, after thorough discussions, endorsed the amendments in the relevant laws. Recommendations in this regard would be submitted to the Prime Minister shortly.
The Finance Minister on the occasion strongly reiterated government’s resolve for an effective campaign against money laundering and transfer of money through non-banking channels. He said the amendments would strengthen the institutional framework to augment the capabilities of various state agencies in dealing with the issues of illegal money transactions.
The meeting was attended by Attorney General of Pakistan, Secretary Finance, Secretary Ministry of Law and Justice, Secretary Commerce, Acting Secretary Foreign Affairs, Governor State Bank of Pakistan, Special Secretary Interior, Special Secretary Finance and senior officials of FBR, FMU, FIA and NAB.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan