The Pakistan government rushed a controversial bill relating to the Financial Action Task Force (FATF) — Anti Money Laundering (Second Amendment) — through a parliamentary panel with a majority vote on Monday amid protest by members of the opposition parties.

The National Assembly’s Standing Committee on Finance & Revenue, presided over by the PTI’s Faizullah, passed the bill with a majority of nine votes to six within minutes in a meeting pulled earlier than originally scheduled.

The opposition members had on Friday raised serious questions over the government bill and resisted its approval with majority, compelling the government to call another meeting on Monday.

The PTI’s nine members present in the meeting voted in favour and three members each of PML-N and PPP voted against the bill, saying the proposed law was ‘draconian’ and against the public interest.

The chairman announced the committee recommends that the Anti-Money Laundering (Second Amendment) Bill, 2020 “may be passed by the National Assembly”. He said the proposed law had attracted objections in the last meeting.

Under the bill, the fine for money laundering has been increased from Rs5 million to Rs25m for individuals and Rs100m for companies and institutions. For implementation of relevant laws, a national executive committee would be constituted. It will be led by the finance secretary and other members will be the secretaries of law, interior and foreign affairs, the chairmen of NAB, FBR and heads of the FIA and ANF, the deputy governor of State Bank and DGs of FMU, ISI, FATF cell and military operations. The opposition said chairmen and leaders of the house and opposition should also be represented in the NEC to pre-empt political victimisation.

Read more