Senate passes FATF- related bill after Committee’s report

03:31 PM | 16 Sep, 2020
Senate passes FATF- related bill after Committee’s report
Share

ISLAMABAD - 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.

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 bill was passed by the House through voice voting.

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.

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.

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

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