ISLAMABAD: The Senate Standing Committee on Finance and Revenue here on Thursday completed clause by clause reading of the proposed amendments in the Anti Money Laundering (AML) Act 2010.
The Committee also decided to take legal viewpoint from law experts as well as to hear from Senator Aitzaz Ahsan, Mian Raza Rabbani and others as special invitees prior to reaching on any final conclusion on the preparation of recommendations on the said subject.
The Senate body met here with Chairperson Nasreen Jalil in the chair on the second consecutive day to deliberate on the proposed amendments in the AML Act 2010 while Senators including Salim H Manviwala, Sughra Imam, Talha Mehmood, Haji Muhammad Adeel along with Secretary Finance Dr. Waqar Masood, Governor State Bank of Pakistan Ashraf Mehmood and other higher officials from concerned departments were present in the meeting.
Members voiced their reservations about the different clauses of the proposed amendments as well as their possible repercussions on socio-economic and routine business activities in the country along the possible impacts on tax collection. The House was unanimous on the subject that proposed recommendations would be finalized and presented before the Senate after addressing reservations of the members. “In this regards committee will invite business community representatives, representatives of the Chambers of Commerce and Industries as well as lead lawyers and legal experts so that proposed amendment may not transform the existing act into a draconian law,” the Chairperson observed.
She also soothed the objecting members by assuring that nothing would be approved and sent back to the House without removal of their concerns and reservations.
Due course of discussion, President Habib Bank Limited (HBL)Numan Dar and chief Executive Officer Bank Al-Falah Atif Bajwa apprised the house about the difficulties confronted by their organizations in the wake of ineffective anti money laundering legislation.
They were of the view that Pakistan was considered as a country with a least effective anti money laundering laws therefore, international monetary institutions were reluctant in dealing with Pakistani banks. “Although no fine has been imposed on any Pakistani bank by Financial Action Task Force (FATF) for allowing any suspicious transaction report or cash transaction report, even then the international monetary institutions solely refuse to deal with Pakistani Banks and now we are facing problems in opening the LCs with international banks,” Numan Dar added. The house was further told that amendments in the AML Act 2010, had been prepared after the deep consultations with more than 22 stakeholders.
