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ACT XXX OF 2020 ACT XXX OF 2020 ANTI-MONEY LAUNDERING (SECOND AMENDMENT) ACT, 2020 An Act further to amend the Anti-Money Laundering Act, 2010 [Gazette of Pakistan Extraordinary, Part I, 24th September, 2020] No. F.22(50)/2020-Legis, dated 23.9.2020.---The following Act of Majlis-e-Shoora (Parliament) received the assent of the President on the 22nd September, 2020 is hereby published for general information:- WHEREAS it is expedient further to amend the Anti-Money Act, 2010 (VII of 2010), for the purposes hereinafter appearing; It is hereby enacted as follows:- 5. National Executive Committee.---(1) Within thirty days of the commencement of this Act, the Federal Government shall, by notification in the official Gazette, constitute a committee to be known as the National Executive Committee which shall consist of the members as mentioned in Schedule-II. (2) The National Executive Committee shall hold its meetings atleast twice a year and shall be responsible to perform the following functions, namely-- (a) make recommendations to the Federal Government to make rules for effective implementation of this Act and framing of national policy to combat money laundering and financing of terrorism; (b) make recommendations to the Federal Government to make rules for the determination of offences existing in Pakistan that may be considered to be predicate offences for the purposes of this Act; (c) make recommendations to the Federal Government on the application of countermeasures as called for by the Financial Action Task Force (FATF) to combat money laundering and financing of terrorism; (d) provide guidance and recommendations in making rules and regulations under this Act; (e) approve, review and oversee the implementation of a national strategy to fight money laundering and financing of terrorism; (f) seek reports from competent authorities as it may require, including an annual report containing overall analysis of the STRs and CTRs, statistics concerning the investigations and prosecutions conducted in relation to the offences of money laundering and the financing of terrorism in Pakistan, statistics of supervisory actions taken by the AML/CFT regulatory authorities according to clause (i) of subsection (2) of section 6A or by the oversight body for SRB according to section 6C. In this behalf, Secretary of the National Executive Committee may call periodic reports from the AML/CFT regulatory authorities, oversight body for SRB, investigating and prosecuting agencies in such manner as may be specified by him; (g) discuss any other issue of national importance relating to money laundering and financing of terrorism; and (h) undertake and perform such other functions as assigned to it by the Federal Government, relating to money laundering and financing of terrorism. (3) The National Executive Committee may constitute one or more sub-committees to perform such functions as it may deem fit. (4) The National Executive Committee may delegate or assign its functions to the General Committee or a sub-committee, if deems appropriate. (5) The Federal Government shall, by notification in the official Gazette, constitute a committee to be known as the General Committee which shall consist of the members as mentioned in Schedule-III. (6) The General Committee shall assist the National Executive Committee for the purposes of this Act. (7) The General Committee may invite any person to participate in its meeting as it deems necessary. (8) The General Committee shall perform the following functions, namely:- (a) develop a national strategy to fight money laundering and financing of terrorism; (b) issue necessary directions to the investigating or prosecuting agencies, AML/CFT regulatory authorities, FMU and any other authority appointed by the Federal Government involved in the implementation and administration or this Act, including measures for development and performance review of such agencies and authorities; (c) seek reports from the competent authorities as it may require, including an annual report containing overall analysis of the STRs and CTRs, statistics concerning the investigations and prosecutions conducted in relation to the offences of money laundering and the financing of terrorism in Pakistan, statistics of supervisory actions taken by the AML/CFT regulatory authorities according to clause (i) of subsection (2) of section 6A or by the oversight body for SRB according to section 6C. In this behalf, Secretary of the General Committee may call periodic reports from the AML/CFT regulatory authorities, oversight body for SRB, investigating and prosecuting agencies in such manner as may be specified by the Secretary; (d) approve FMU's budgetary proposals for achieving the objects of this Act; (e) approve FMU's staffing requirements, pay, allowances, privileges and compensation packages and other matters incidental thereto; (f) provide necessary assistance to the National Executive Committee in carrying out its functions and duties under this Act; (g) discuss any other issue of national importance relating to money laundering and terrorist financing; and (h) undertake and perform such other functions as assigned or delegated to it by the National Executive Committee. (9) The General Committee may constitute one or more sub-committees to perform such functions as it may deem fit.". 5. Substitution of section 6, Act VII of 2010.---In the said Act, for section 6, the following shall be substituted, namely:-