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NA passes 4 bills aimed at fulfilling FATF obligations

ISLAMABAD: The National Assembly today passed four bills aimed at fulfilling the obligations of the Financial Action Task Force (FATF) to bring the country out of its grey list.

Prime Minister’s Advisor on Parliamentary Affairs Dr. Babar Awan moved the following bills:

1) The Limited Liability Partnership (Amendment) Bill 2020;

2) The Companies (Amendment) Bill 2020;

3) The Anti-Money Laundering (Second Amendment) Bill, 2020;

4) The Islamabad Capital Territory Waqf Properties Bill, 2020.

It is pertinent to mention here that “The Limited Liability Partnership (Amendment) Bill, 2020” and “The Companies (Amendment) Bill, 2020” will ensure compliance with FATF’s recommendations on anti-money laundering and countering the financing of terrorism by strengthening existing laws.

“The Islamabad Capital Territory Waqf Properties Bill, 2020,” is aimed at proper management, supervision and administration of Waqf Properties in the capital territory.

Meanwhile, Majority of the House rejected the amendments moved by the opposition.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.