Finance Minister Finalizes Measures to Curb Illegal Foreign Transactions: The Finance minister meeting was chaired regarding to Strengthening and Adopting a Punitive regime to Prevent hundi and The hawala or other illegal foreign Exchange transactions.
The high profile meeting was chaired by Finance minister, The reviewed of asad umar was here on Monday and finalized proposed Modification and Insertions in relevant laws for Strengthening punitive regime to Hawala and Prevent Hundi & other illegal foreign exchange transactions.
The existing FIA was cover by Amendments ACT 1974, The Foreign exchange Adjustment Act 1947 and Customs was Act 1969 or AML was Act 2010.
After thorough discussions the meeting was endorsed the Modification in the Relevant laws. The Charge in this Regard could be submitted to the Prime Minister Shortly.
He said that on the occasion strongly echo government’s agree for an effective campaign against the laundering money and the transfer of money through non banking channels.
Finance minister said that the amendment could strengthen the institutional framework to augment the capacity of various state agencies in business with the problems of illegal money transactions.
The meeting was show up by Attorney general of Pakistan, Governor State bank of pakistan, Secretary Finance, Special Secretary finance, Acting Secretary foreign Affairs, Secretary ministry of law and Justice, Special Secretary interior, FIA, NAB, FMU and special secretary finance and Senior officials of FBR.