The National Executive Committee has officially classified piracy as a predicate offence linked to money laundering. Individuals convicted of this crime now face potential prison sentences of up to a decade and financial penalties reaching Rs25 million. Furthermore, the Pakistan Virtual Assets Regulatory Authority has been granted expanded legal powers under the Anti-Money Laundering Act. Authorities have also reached an agreement in principle to extend these regulatory powers to provincial anti-corruption bodies, pending the establishment of formal standard operating procedures to prevent potential abuse. These legislative adjustments are being implemented to satisfy specific requirements mandated by the International Monetary Fund. These measures align with the action plan outlined in the Governance and Corruption Diagnostic Assessment report, aimed at strengthening the nation's financial integrity and regulatory framework.
Source : The Express Tribune
Photo : The Express Tribune
