ISLAMABAD: The Senate Standing Committee on Finance on Tuesday was briefed by State Bank officials about current laws to counter money laundering, loan default and other financial crimes.

The committee was informed that more than 200 cases — filed under the Anti-Money Laundering Law — have been forwarded by the Financial Monitoring Unit (FMU) of the government to the Federal Board of Revenue (FBR).

Chairman of the committee Senator Saleem Mandviwalla enquired if the law was being used as a threatening tool by certain elements within the FBR.

He was informed by the SBP officials that not a single complaint has been received in this regard.

The FBR has initiated scrutinising cases of expensive gifts given to persons outside the family, and around 2,785 cases have been identified in this regard, the officials added.

The committee was informed that FBR would share further details as scrutiny develops.

The committee was presented a corrected version of FBR’s Report regarding amnesty scheme for motor vehicles and it was proposed to place it in the upper house.

The committee considered a private member’s bill by Senator Azam Swati for amendment in the Financial Institutions (Recovery of Finances) Ordinance 2001.

However, the representatives of State Bank told the committee that a similar amendment was incorporated in 2016 in another bill. Senator Swati decided to withdraw the bill.

The committee also discussed the private member’s bill introduced by the chairman of the committee to bring about amendment in Protection of Economic Reforms Act, 1992.

After discussion, the meeting decided to send the recommendations to the Ministry of Finance.

The meeting was attended by Senators Ilyas Ahmed Bilour, Muhammad Mohsin Khan Leghari, Kamil Ali Agha and Saud Majeed.

Published in Dawn, July 19th, 2017