Senate passes FATF related bill after Committee report

Senate passes FATF related bill after Committee report.

The Senate on Wednesday passed the Cooperative Societies (Amendment) Bill, 2020 aims at bringing more control and transparency in registration/regulations of Cooperative Societies in Islamabad and control terror financing through this channel.

Senate passes FATF related bill

Adviser to the Prime Minister on Parliamentary Affairs Dr. Babar Awan moved the Cooperative Societies (Amendment) Bill, 2020 in the House as reported by the Senate Standing Committee.

The House pass the bill through voice voting.

The Statement of Objects and Reasons of the bill says that the Financial Action Task Force (FATF) requires to amend the Cooperative Societies Act, 1925 in order to bring more control and transparency in Registration/Regulations of Cooperative Societies in Islamabad.

Moreover, prime objective of proposed amendment was to control terror financing through this channel. The provision relating to Securities & Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB) and other Prosecution Agencies were deficient in the existing version of Cooperative Societies Act, 1925.

The same has now been incorporated in order to implement strict control on the affairs of Cooperative Societies. The provisions regarding audit/accounts mechanism of the Cooperative Societies have also been introduced in the proposed amendments.

Earlier, ministry of interior told the Senate that the government has frozen 964 properties of proscribed organizations.

The Provincial Home Departments have frozen the 964 properties of proscribed organizations.

They did so  United Nations Security Council (Freezing and Seizure) Order, 2019 which the Ministry of Foreign Affairs sent to them.

Ministry of Interior stated this in written reply to a starred question it submitted in the Senate.

Jamaat-e-Islami lawmaker Mushtaq Ahmed raised this question in the Senate.

Minister of State for Parliamentary Affairs Ali Muhammad Khan gave reply in detail.

GTV