Pakistan is preparing to introduce new rules in relation to anti-money laundering cases and make changes in the prosecution process, prompting its exit from the 'gray' list of the Financial Action Task Force (FATF). This information has been given in news in the media on Monday.
Paris-based FATF, a global body that monitors money laundering and terrorism financing, put Pakistan on the 'gray' list in June 2018 and has been trying to get out of the country ever since.
The Dawn newspaper reported that these changes have included the investigation, prosecution and prosecution of anti-money laundering (AML) cases, from the police, the Provincial Anti-Corruption Establishment (ACE) and other agencies to specific agencies.
These are part of two rules which include AML (Seized Property Management) Rules 2021 and AML (Referral) Rules 2021 which comes under the 'National Policy Statement on Follow Money'. It has been told in the news that it has been approved by the Federal Cabinet a few days ago.
The rules and related notifications for certain changes in the existing list of the Anti-Money Laundering Act 2010 (AMLA) will come into force immediately after the appointment of administrators and special public prosecutors.
On the basis of these measures, the FATF will decide whether Pakistan has fulfilled the remaining three criteria out of 27, due to which Pakistan could not get out of the 'gray' list in February this year. Several review meetings of the FATF are scheduled to begin in the second week of June and its plenary session will take place on 21-25 June.
Now the government has decided to appoint dozens of administrators who are empowered to seize, receive, manage, rent, auction, transfer or dispose of or take other measures to preserve the value of the properties. Huh. The Anti-Money Laundering (Raffle) Rule 2021 is being brought to transfer cases from one agency to other agencies.
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