Joint session of Pak parliament to discuss FATF-related bills

The Pakistan government has summoned a joint session of Parliament on Thursday to discuss the Financial Action Task Force (FATF)-related bills, which were passed in the National Assembly on Wednesday.

Sources said that as per the government’s strategy, the FATF-related bills would be approved by the joint session if the Senate disapproves it, reports The Express Tribune.

The upper house is scheduled to meet on Thursday morning.

Both the bills aim at fulfilling various requirements of the FATF an inter-governmental organization that sets global policies against money laundering and terror financing.

Pakistan, which was placed on the FATF grey list in June 2018, is supposed to fulfil the body’s 27-point action plan in order to come out of its grey list and to avoid its blacklist of non-compliant countries.

The proposed legislations seek to empower the federal government to direct authorities to implement various measures in the light of the UN Security Council (UNSC) resolutions.

These measures include freezing and seizure of assets, travel ban, and arms embargo on the entities and individuals, who are designated on the UN sanctions list, The Express Tribune reported.

The FATF joint group is expected to meet in September to review Pakistan’s case before it is placed in front of the plenary, which likely to take place in October.

Pakistan won a three-month further extension to complete its 27-point action plan because of the coronavirus pandemic.