On Thursday, the Senate Standing Committee on Finance and Revenue suggested modifying the anti-money laundering regulations.
The committee meeting, which was presided over by Senator Saleem Mandviwalla, stated that the anti-money laundering rules were being abused.
Farooq Hamid Naek, a committee member, bemoaned the fact that these regulations are implemented uniformly throughout Pakistan in order to appease the Financial Action Task Force (FATF). The committee suggested that the anti-money laundering laws be amended as soon as possible after its discussions.
Asim Ahmad, the chairman of the Federal Board of Revenue (FBR), stated that the tax regulator will take into account all of the committee’s suggestions and promptly offer an update on redressals.
Only 254 cases have been prosecuted under the Anti-Money Laundering Act, the FBR Chairman told the committee that only 254 cases have been prosecuted under the Anti-Money Laundering Act in the past six years and added that notices have been issued only on the basis of concrete evidence.
