The federal committee will be established by the government to collect information from other nations in order to enforce its anti-money laundering policies. To remove Pakistan from the Financial Action Task Force’s (FATF) “grey list” is being done.
The anti-money laundering body will have the authority to negotiate deals with any nation. These accords require the aforementioned nations to work together on anti-money laundering measures. By establishing Memorandums of Understanding (MoUs) with the nations, the committee will be able to accomplish this.
An important turning point in international efforts to recover illicit assets has been reached with the launch of a combined project by the Financial Action Task Force (FATF) and INTERPOL to take away dirty money from criminals.
Countries will be compelled to offer any form of help under these MoUs. The assistance could include information on transactions, accounts, and assets that are suspect. The signatories will also be required to freeze any abroad Pakistani who is discovered to have participated in money laundering and turn over their assets to Pakistani authorities so they can be tried for their crimes. If necessary, Pakistan will also be obligated to turn over to the relevant nation any perpetrators of money laundering outside.
