ISLAMABAD (Republic policy) – In yet another hasty decision, the Senate on Friday passed a bill to set up an authority to counter money laundering and terror financing despite opposition by some senators.
The “National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill” was tabled by State Minister for Foreign Affairs Hina Rabbani Khar in the Senate.
The draft says the proposed authority will be headed by a chairman, consisting of the federal secretaries for finance, foreign affairs and interior, and the State Bank of Pakistan governor. Chairpersons of the Securities and Exchange Commission of Pakistan, National Accountability Bureau and Federal Board of Revenue; directors general of the Federal Investigation Agency, Anti Narcotics Force and Financial Monitoring Unit; national coordinator of the National Counter Terrorism Authority (Nacta); and chief secretaries of all four provinces, Azad Kashmir and Gilgit-Baltistan.
Most of these officials were also part of Nacta, formed in 2008. The authority remained dormant for years as it could not convene its meetings because of the unavailability of members.
According to the new legislation, the authority can convene meetings on the requisition of the presiding officer or half of its members.
