Amendment to Anti-Money Laundering Act to be presented by September to prevent tax evasion

KARACHI: The government has decided to present amendment to anti-money laundering act in the parliament by September 2014 to prevent tax evasion in the country.
In this regard, to ensure that serious tax crimes are predicate offenses to money laundering, the government will enact amendments to the relevant tax laws and submit amendments to the Anti-Money Laundering Act (AMLA) to Parliament by end September 2014.
In order to enable the use of anti-money laundering (AML) tools to combat tax evasion, the government has already started preliminary work to include tax crimes in the Schedule of offenses of the 2010 Anti-Money Laundering Act (AMLA).
In this connection a list of serious tax offenses is being identified. The government also will ensure that the AML framework is properly implemented to facilitate detection of potential cases of abuse of the investment incentive scheme to launder criminal proceeds.
Proper guidance will be provided by the Financial Intelligence Unit to financial institutions and the FBR. Finally, the Anti-Terrorism (Amendment) Ordinance 2013 will be enacted as a permanent law, in line with the action plan agreed with the Financial Action Task Force (FATF).

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