Pakistan government to deal with terror funding under Anti-Money Laundering Act

The Pakistan government has decided to tighten law against both domestic and international terror funding and deal with the issue under the Anti-Money Laundering Act (AMLA) to avoid international isolation. According to Dawn, a meeting of the Senate Standing Committee on Finance and Revenue was informed by the Ministry of Finance and the State Bank on Thursday that the AMLA 2010 needed to be amended to ward off international isolation and ease operational difficulties being faced by local law-enforcement agencies.

The report quoted an unnamed official as saying that Pakistan could face international sanctions if it failed to meet international standards in its laws and efforts to curtail terror financing. The official added that the country could also be declared "a high-risk and non-cooperative country" by the international community under the banner of Financial Action Task Force (FATF) on anti-money laundering and counter-terrorism financing (AML/CFT).

The finance secretary said the amendment would ensure domestic and international cooperation among agencies for investigation into terror financing, the report added. 

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