Finance Minister finalizes amendments in laws to prevent illegal foreign exchange transactions

ISLAMABAD: Finance Minister Asad Umar on Monday reviewed and finalized proposed amendments and insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions.

Chairing a high level meeting, the finance minister reviewed amendments covering existing FIA Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and Anti-Money Laundering Act, 2010.

The meeting after thorough discussion endorsed the amendments in the relevant laws and agreed to send recommendations in this regard Prime Minister Imran Khan shortly.

Speaking on the occasion, the finance minister strongly reiterated government’s resolve for an effective campaign against money laundering and transfer of money through non-banking channels.

He said that the proposed amendments would strengthen the institutional framework to augment the capabilities of various state agencies in dealing with the issues of illegal money transactions.

The meeting was attended by Attorney General of Pakistan, Secretary Finance, Secretary Ministry of Law and Justice, Secretary Commerce, Acting Secretary Foreign Affairs, Governor State Bank of Pakistan, Special Secretary Interior, Special Secretary Finance and senior officials of FBR, FMU, FIA and NAB.