Senate Passes FATF Related Bill after Committee’s Report


ISLAMABAD, Sep 16 (APP): The Senate on Wednesday passed the Cooperative Societies (Amendment) Bill, 2020 aimed at bringing more control and transparency in registration/regulations of Cooperative Societies in Islamabad and controlling 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 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 is to control terror financing through this channel. The provision relating to Securities & Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB) and other Prosecution Agencies were deficient in the existing version of Cooperative Societies Act, 1925.

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

Stay tuned to Baaghi TV for latest news and updates!

Power outage in Karachi leaves the citizens distressed

Shehbaz Sharif wants to go abroad for his treatment

Motorway Sexual Abuse: Police system has failed, court remarks in abuse case, big order given

Leave a reply