ISLAMABAD: Prime Minister Imran Khan on Wednesday chaired a meeting of senior government members, discussing measures to curb money laundering, ARY News reported.
Cabinet members, ministers and officials concerned attended the meeting.
Minister for Law Farogh Naseem briefed the meeting about Foreign Exchange Regulations Act (FERA) 1947.
The meeting was also briefed on Anti Money Laundering Act and Anti-Terrorism Act 1997. It was decided that both the laws would be merged together. It was also unanimously decided that jail term for offences falling under the two acts will be increased from two years to five years.
Read: Money launderers deserve no leniency, asserts PM Khan
The meeting said trial of FERA cases would now be winded up from six to 12 months, and all offences under the law would be non-bailable.
Director general Federal Investigation Agency (FIA) also briefed the meeting. He told that 131 cases had been registered and Rs 423.4 million were seized. He said FIA also arrested 198 persons in this connection.
He said investigation into Rs 540 million misappropriations through crypto currency was also underway.
The prime minister was also briefed on benami transactions.
On Feb 20, PM Khan had directed the relevant government departments to ramp up measures to curb it.
He held a meeting to review the measures taken by the government to fight the menace of money laundering, the prime minister said it had pushed the nation into the quagmire of debt.
