The upper house of Parliament approved the “National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill” on Friday, despite opposition from several senators. State Minister for Foreign Affairs Hina Rabbani Khar introduced the bill. It was designed to establish an authority that will consolidate the efforts of various federal and provincial agencies to counter money laundering and terror financing.
Structural Layout of Proposed Authority
As per the bill, the proposed authority will be headed by a chairman, including high-ranking officials from various federal and provincial departments. Most of these officials were also part of the National Counter Terrorism Authority (Nacta), formed in 2008. The authority can convene meetings upon the chairman or half of its members request, a provision to avoid the inactivity that has plagued Nacta.
Reactions and Commentary on the Bill
In her speech, Khar emphasized the bill’s importance in ensuring Pakistan’s removal from the Financial Action Task Force (FATF) grey list. Law Minister Azam Nazeer Tarar and Finance Minister Ishaq Dar underscored the bill’s significance in fulfilling national commitments. Despite the bill’s hasty passage and the concerns of some senators over the rapid introduction of legislation, the bill was passed with 28 Senators in favour and nine against. The Senate also passed several other bills during this session.
