Islamabad: In a bid to deal with the offences of money laundering and to strengthen further the existing laws to check illegal/corrupt practices which hurt the economy effectively, the National Assembly on Thursday passed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023.

The House closed its legislative business by passing eight bills- one private and seven important government bills.

Speaking in the House, Hina Rabbani Khar – who also moved the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023 – said that it is a vital piece of legislation, which, if enforced and implemented in letter and spirit, the country will get rid of the Financial Action Task Force (FATF)’s grey list once for all.

She said that the bill envisages the establishment of a National Anti-Money Laundering and Counter Financing of Terrorism Authority, which is a beautiful initiative, adding the chairman of the authority will be appointed by the prime minister.

Khar said that the authority will comprise of secretaries of finance, foreign affairs, interior, governor State Bank of Pakistan (SBP), presiding officers Securities and Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB), directors-general (DGs) Federal Investigation Agency (FIA), Anti-Narcotics Force (ANF), Federal Board of Revenue (FBR), Financial Monitoring Unit (FMU), national coordinator of National Counter-terrorism Authority (Nacta) and all provincial chief secretaries.