ISLAMABAD -- Pakistan hopes to come out from grey list of Financial Action Task Force (FATF) after taking measures to strengthen Anti-Money Laundering Law and Foreign Exchange Regulation Act
The amendments in Foreign Exchange Regulation Act
(FERA), 1947 and the Anti-Money Laundering Act (AML), 2010 have been approved by the lower house of the Parliament ahead of FATF plenary meeting in September.
The State Bank of Pakistan (SBP) and the FBR are jointly preparing the draft law by merging two key pieces of legislation - Foreign Exchange Regulation Act
(Fera) of 1947 and Protection of Economic Reforms Act (Pera) of 1992.
While considering the Foreign Exchange Regulation (Amendment) Bill, 2019, the State Bank of Pakistan senior director informed the committee that foreign exchange policy and operations in Pakistan were governed under the provisions of Foreign Exchange Regulation Act
(FERA), 1947, which empowers the SBP to regulate inflows and outflows the foreign exchange.
Foreign Exchange Policy and its operations in Pakistan are formulated and regulated in accordance with the provisions of the Foreign Exchange Regulation Act
Summary: New Delhi [India], Apr 26 (ANI): Supreme Court on Friday adjourned hearing for two weeks on a plea filed by Enforcement Directorate (ED) against Amma Makkal Munnetra Kazhagam (AMMK) leader TTV Dhinakaran with regards to a Foreign Exchange Regulation Act
(FERA) violation case.
Minister In Charge of Finance, Revenue and Economic Affairs will introduce a bill to further amend the Foreign Exchange Regulation Act
He also said Bangladesh Bank will authorise the dealers to import gold under the Foreign Exchange Regulation Act
Failure to comply with the above instructions shall attract regulatory action against the concerned AD under relevant provisions of the Foreign Exchange Regulation Act
The ministry was also empowered to suggest changes in the Anti-Money Laundering Ordinance of 2010 and Foreign Exchange Regulation Act
of 1947, increasing punishments and penalties to curb currency smuggling, one of four main areas of FATF concerns.
The operations of these exchange companies were regulated and supervised by the State Bank of Pakistan under Foreign Exchange Regulation Act