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Event Title: A meeting of the Senate Standing Committee on Finance Revenue and Economic Affairs was held on Tuesday, at Parliament House

Event Date: 2020-01-07

A meeting of the Senate Standing Committee on Finance Revenue and Economic Affairs was held on Tuesday, at Parliament House.    

 

Chaired by Senator Farooq Hamid Naek, the meeting was attended by Senator Syed Shibli Faraz, Senator Mohsin Aziz, Senator Mian Muhammad Ateeq Shaikh, Senator Muhammad Akram, Senator Sherry Rehman, Senator Ayesha Raza Farooq, Senator Imam-ud-Din Shouqeen, Senator Anwar ul Haq Kakar, Senator Dilawar Khan and senior officers from the Ministry of Finance Revenue and Economic Affairs, along with all concerned. 

 

Agenda presented before the Committee included a Bill further to amend the Foreign Exchange Regulation Act, 1947(The Foreign Exchange Regulation (Amendment) Bill, 2019) and a Bill further to amend the Anti-money Laundering Act 2010 (The Anti-money Laundering (Amendment) Bill 2019). 

 

The Committee was briefed on the FATF Action Plan ad legal amendments. It was asserted that all amendments were in line with FATF recommendations and if enactment takes place before the scheduled meetings it would strengthen Pakistan’s compliance position.  The Committee considered the amendments clause by clause and approved some of them without amendments. Some amendments were rejected right away while some were approved partly.  The Committee expressed serious concern over the restriction of carrying USD10000 within the country and rejected the amendment unanimously.