Pakistan Institute of Legislative Development and Transparancy, (Pildat) is holding briefing sessions on 'Money Laundering and Pakistan' for businesspersons of Karachi, Lahore and Islamabad and members of the Parliament.
Pildat told Business Recorder that the first briefing session on Wednesday (today) is being organised for Businesspersons of Islamabad while another briefing session would be held on Thursday for the benefit of members of the Parliament. Naveed Qamar, Federal Minister for Privatisation has been invited to chair the briefing session for members of the Parliament.
Experts such as Ahmer Bilal Soofi, President, Research Society for International Law (RSIL), Pakistan and Haroon Sharif, Senior Financial Expert, Department for International Development, UK, Pakistan Office will address the two briefings. Pildat will be holding similar briefing sessions for the businesspersons of Lahore and Karachi.
It may be added that money laundering and its linkage to terrorist financing have become subjects of intense international interest especially after 9/11. Anti-money laundering laws have, therefore, assumed a great significance in almost all countries of the world.
An Anti-Money Laundering Bill has remained pending with the 12th National Assembly of Pakistan (2002-2007) for nearly two years after which an Anti-Money Laundering Ordinance was promulgated by the President of Pakistan on September 07, 2007.
Some experts argue that the Anti Money-Laundering Ordinance 2007 (AMLO 2007) does not fully meet the international standards and needs amendments. It is understood that the Government of Pakistan is currently considering possible amendments, which may soon be introduced in the Parliament in the form of an amendment bill.
The organisers of the briefing sessions say that it is thus important for businesspersons and members of the Parliament as well as all other stakeholders to understand the significance of Anti-Money Laundering Laws for Pakistan, comparison of Pakistani AML laws with similar laws in the region and how money laundering impacts Pakistan. It is also important to understand key features, strengths and weaknesses of the current Anti-Money Laundering Ordinance-2007 and know what can be possible amendments to the law.
They say that briefing session meant for members of the parliament will comprise members of standing committees and ministries of: Economic Affairs and Statistics; Finance and Revenue; Foreign Affairs; Interior; Law, Justice and Human Rights; Narcotics Control; Planning and Development; and interested members of the parliament. While the briefing meant for the BusinessPersons will include members of the Chamber of Commerce, Islamabad.
Pildat has also prepared three publications on the subject, namely, Legislative Brief on the Anti Money Laundering Bill 2005; Briefing Paper on Anti-Money Laundering Legislation in Pakistan; Comparative Study on Anti-Money Laundering Legislation in the region and Background paper on Money Laundering and Pakistan which will be circulated among the participants during the sessions.