NA body clears AML, Foreign Exchange Regulation Bills, 2019

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue unanimously passed the Foreign Exchange Regulation (Amendment) Bill, 2019 and The Anti Money Laundering (Amendment) Bill, 2019 with few amendments and recommended that the bills might be passed by the Assembly.

The meeting of the committee was held here under the chairmanship of Asad Umar on Tuesday.

The committee discussed “The Foreign Exchange Regulation (Amendment) Bill, 2019” clause by clause.

Director General, Federal Investigation Agency (FIA) briefed the committee about the penalties and procedure of the said bill.

Deputy Governor, State Bank of Pakistan informed the committee that an amendment has been proposed on the suggestions of the committee with regard to move or transfer of foreign currency (inland moment), which would be up to maximum US$ 10,000 (or equivalent in other currency).

After threadbear discussion, the committee unanimously recommended that the subject Bill may be passed by the National Assembly with minor amendments.

The committee also discussed “The Anti-Money Laundering (Amendment) Bill, 2019” clause by clause and unanimously recommended that the subject Bill may be passed by the Assembly with few amendments.

The committee also considered that “The Islamabad Capital Territory Prohibition of Interest on Private Loans Bill, 2019” would be discussed in its upcoming meeting in which Akhuwat (NGO) and  Microfinance Institutions will also be called.

The committee deferred the agenda related to the recommendations of the Special Committee on Agricultural Products to uplift agriculture development in the country and decided that the same would be discussed exclusively.

The committee deferred the agenda with regard to the briefing by Competition Commission of Pakistan about the sharp increase of price in cement, flour, sugar, domestic airfare and automotive industry in the country.

Meanwhile, talking to media after the meeting, Asad Umar said the country’s economy was put on the verge of collapse by the former finance minister Ishaq Dar.

He clarified that his statement about Ishaq Dar’s policies specifically with respect to overvalued exchange rate was wrongly reported by the media.

“In fact the exchange rate of Pakistan Rupee against US Dollar was artificially kept overvalued by the former finance minister, which seriously dented the country’s economy,” he added.

But on the contrary, the media quoted him as saying that Ishaq Dar had done the right job by keeping the exchange rate overvalued, he added.

Answering a question about rumours of leaving his party (Pakistan Tehrik-i-Insaaf) Asad Umar expressed astonishment saying that he was shocked to hear this as there was no truth in such rumours.

The meeting was attended by MNAs Mr. Faiz Ullah, Dr. Ramesh Kumar Vankwani,    Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah, Syed Naveed Qamar, Moulana Abdul Akbar Chitrali Mover/MNA and Syed Fakhar Imam Special invitee/MNA besides the senior officers of Ministry of Finance, Planning Division, FBR, SBP, SECP, ZTBL, FIA, Ministry of Law, and Ministry of National Food Security & Research.