Mar.29, 2010
ISLAMABAD: Under the Anti Money Laundering Bill, financial assistance provided to terrorists has also been declared as punishable crime.
The people involved in money laundering would be punished with rigorous imprisonment for a term which shall not be less than one year but may extend to ten years and shall also be liable to fine which may extend to Rs one million and shall also be liable to forfeiture of property involved in the money laundering. It further provides that the aforesaid fine may extend to Rs five million in case of a company and every director, officer or employee of the company found guilty under this section, shall also be punishable under this section. Under the bill, every person involved in shifting of money through illegal means would be considered a criminal.
The National Executive Committee to be headed by a Federal Finance Minister or Advisor would also be formed. The Governor, Foreign Minister, Law Minister, Interior Minister, Governor State Bank and Chairman Securities and Exchange Commission would also be included in the committee. It may be recalled that Anti Money Laundering Ordinance was released in 2007 and has now been converted into a bill.