Financing terrorism to be an offence in Pak
Islamabad: Financing terrorism would become a criminal offence in Pakistan as the Anti-Money Laundering Bill has been approved, a media report said.
The National Assembly Standing Committee on Finance Tuesday approved the Anti-Money Laundering Bill 2009, declaring `terrorism financing` a criminal offence, Daily Times reported Wednesday.
Finance ministry and State Bank of Pakistan (SBP) officials told the committee that Pakistan required laws in line with international standards to combat money laundering and terrorism financing.
The meeting was, among others, attended by Finance Minister Shaukat Tareen, Finance Secretary Salman Siddique, and other senior officials.
The committee approved a hike in penalty from Rs 1 million to Rs.5 million for a company or its employees found guilty of an offence under the proposed bill.
The committee was informed that the amendments were in line with international standards on combating money laundering and financing of terrorism.
Siddique told the committee that Pakistan had been issued a notice to upgrade the existing anti-money laundering laws before February 2010.
In case of a failure to amend the existing laws, Pakistan would be declared a high-risk country, its letters of credit (LCs) would not be honoured abroad, which would create difficulties for the country`s businessmen, the finance secretary added.
More from India
More from World
More from Sports
More from Entertaiment
- Zee Media exclusive chat with 'Welcome to Karachi' cast
- Reservation issue: Police register case against Bainsla, 20 others
- Zee Media exclusive interview with Haryana CM Manohar Lal Khattar
- UP Minister allegedly threatens, abuses Gonda businessman
- Manali: Heavy corruption found in environmental taxes
- Aapke Sitare: Astro prediction for May 24, 2015
- Watch: Fast N Facts @ 7:30pm
- Five unmanned parachutes spotted over Mumbai airport
- UP: Jammu-bound Muri Express derails in Kaushambi
- One year of Modi govt: How satisfied is the common man?
- Jaipur girl Mini Rajpal wins Miss India Deaf 2015!
- Mumbai architecture creates double decker bus from scrap!
- One year of Modi govt: How satisfied is the common man? Part-2
- Dawood's intercepted phone calls prove yet again he is in Pakistan
- CBSE Board Class 12th Exam Results 2015 declared
- IPL 2015 Final: MI vs CSK - As it happened...
- CBSE.nic.in 12th XII Results 2015: CBSE Board (cbseresults.nic.in) Class 12th XII Exam Results 2015 to be announced on May 25
- Heatwave continues in North India; death toll in Andhra Pradesh, Telangana more than 400
- IPL 2015 final: Mumbai Indians thrash Chennai Super Kings by 41 runs to lift second title
- LIVE - Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 to be announced shortly
- Heatwave claims over 550 lives so far, Delhi saw hottest day
- Check cbseresults.nic.in for CBSE Class 12 result 2015
- Kejriwal completes 100 days in office, AAP says centre 'shadow boxing' over row with LG
- Online filing of applications for UPSC civil services exam begins
- Not just today, Muslims feeling alienated since 1947: Najma Heptulla
- Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 declared
- Mathura rally: PM Modi slams 'corrupt' UPA regime, lauds NDA govt's efforts in past one year
- CBSE Class 12 results out: Here's how you can check
- Two dead, over 100 injured as Muri Express derails in UP; Prabhu announces Rs 2 lakhs ex-gratia for kin of dead
- Pakistan criticizes Defence Minister Parrikar's terrorism remarks