Pak passes law to put more curbs on banned outfits
Pakistan’s National Assembly passed with a majority vote amendments to the Anti-Terrorism Act, 1997 to put more restrictions on banned outfits as the country continues to take measures to curb terror financing and money laundering.
The new law imposes a restriction on giving loans or financial assistance to people affiliated with banned outfits. Banks have been barred from issuing credit cards to banned people, and their wealth, properties and assets can be seized without notice. Weapon licences issued earlier will be revoked and weapons with old licences will be confiscated. Anyone carrying such arms will be punished and no new licences will be issued to them.
The government has also decided to impose a fine of Rs50 million on people involved in terror activities. Pakistan seeks to get onto the Financial Action Task Force (FATF)’s White List from its Grey List.
The FATF will be deciding Pakistan’s fate in October and it depends on whether it can comply with a list of measures it had given to curb terror financing and money laundering in the country.
The global watchdog for illicit financial activities had put Pakistan on its Grey List in June 2018 because of weaknesses in the country’s Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) laws.
The Grey List refers to countries or jurisdictions under increased monitoring because of strategic AML and CFT deficiencies. After being placed on the Grey List, Pakistan had developed an action plan with the FATF to address those deficiencies, but fell short of the targets.
Law Minister Farogh Naseem said it was a historic day that the Financial Action Task Force (FATF) related legislation is being carried out today with consensus in the larger interest of the country.
He said: “Whitening the economy and checking terror financing is important to take the country forward on the path of development. It is also our aim to simplify the legislation and ensure protection of fundamental rights of the people.”