The Senate of Pakistan has approved a crucial bill titled ‘National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill’ in an effort to keep the country off the Financial Action Task Force’s (FATF) grey list. The bill was passed with 28 votes in favor and eight against, amid sloganeering from the opposition benches.
Opposition parties, including Jamaat-e-Islami (JI) and the Pakistan Tehreek-e-Insaf (PTI), as well as lawmakers from ruling parties, namely Raza Rabbani, Tahir Bizenjo, and Kamran Murtaza, expressed concerns and opposed the bill.
They argued that rushing the legislation could had significant consequences and demanded sufficient time for lawmakers to review its provisions.
Defending the bill, Minister of State for Foreign Affairs Hina Rabbani Khar, who introduced the bill in the upper house, highlighted that it had already been approved in the National Assembly.
She emphasized that the legislation aimed to establish an authority dedicated to countering terrorism financing, a critical step in meeting FATF requirements.
Minister for Finance and Revenue, Ishaq Dar, informed the house that the federal government had submitted its future plan to the FATF on combating terror financing, which ultimately led to Pakistan’s removal from the grey list.
Pakistan had been listed in 2018 due to strategic deficiencies in countering terrorist financing.
PTI Senator Mohsin Aziz expressed his concern, stating that it was impossible for lawmakers to thoroughly read and understand 12 bills in a single day, urging against becoming a “rubber stamp legislature.”
He further emphasized that the international community was watching the country’s legislative processes.
In her address to the National Assembly, the state minister stressed the significance of the bill, asserting that its proper enforcement and implementation would ensure Pakistan’s continued avoidance of the FATF grey list in the future.
According to the bill’s provisions, the National Anti-Money Laundering and Counter Financing of Terrorism Authority will be established.
The prime minister will appoint its chairman, and the authority will consist of representatives from various key departments and institutions, including the finance secretary, foreign affairs secretary, State Bank of Pakistan (SBP) governor, Securities and Exchange Commission of Pakistan chairman, National Accountability Bureau (NAB) chairman, Federal Investigation Agency (FIA) DG, Anti-Narcotics Force DG, Federal Board of Revenue (FBR) chairman, Financial Monitoring Unit DG, NACTA national coordinator, and the chief secretaries of provinces.
