Mar.27, 2010

ISLAMABAD: President Asif Ali Zardari on Friday signed the approved legislation on Anti-Money Laundering and Terrorist Financing Act that would now pave the way for improving ranking of the country.

There was deadline of March 26, 2010, for converting the ordinance into permanent legislation and now the country successfully met this criterion after getting approval from both houses of the Parliament which will now result into improving ranking of the country.

“Yes, President Asif Ali Zardari has signed the money laundering and terrorist financing bill that will help improve the ranking of Pakistan,” Special Secretary Finance Asif Bajwa said while talking to The News on Friday night.

Although, the Asia Pacific Group on Financial Action Task Force (FATF), which met at Abu Dhabi recently, did not black listed Pakistan as being reported in the media but it actually upgraded Pakistan’s ranking from high risk countries to lowest risk countries or category III.

But the FATF had also showed its concern over the enactment of Anti-Money Laundering Ordinance into an Act of Parliament. Now FATF is scheduled at Amsterdam in June 2010, and passage of the Act would help Pakistan in improving its position among the world community.