Islamabad, December 14; Senator Zaheeruddin Babar Awan, Federal Minister for Law and Parliamentary Affairs announced to held a Conference in collaboration with PILDAT on implementation and prosecution of Anti Money-Laundering act 2010 in the second week of January in Islamabad. He also sought recommendations from PILDAT on Implementation on Anti Money-Laundering Act 2010. Senator Babar Awan was the chief guest at a PILDAT Conference on Anti Money laundering and Implications for Counter-terrorism efforts held here in Islamabad today.

Speaking on the occasion Federal Minister for Law Dr Babar Awan emphasizes the need to have a global broad based-consensus on what is money laundering. He was of the opinion that countries like Pakistan need to document their economy at multiple levels and the black holes need to be addressed like there is no documentation for money used in charity or donations.

Syed Mansoor Ali, Senior Joint Director, Financing Monitoring Unit, Government of Pakistan, gave his presentation on Money Laundering and Terrorism Financing Domestic and International Initiatives. He said that Pakistan does not have adequate laws to check the in or out flow of cash money at airports and the Government is considering to review this part of existing Act.

Mr. Ahmer Bilal Sufi, President Research Society of International Law, was of the view that this conference would serve to further launch and strengthen anti money-laundering campaign as the law is good but it lacks implementation.

Mr. Khalid Masood, Former Chairman, Council of Islamic Ideology presented the ideological aspect of money laundering and said that the terms used in Islam for Money Laundering are 'to Abuse' or 'to Trespass. He said that ideological differences create a hurdle in effective implementation of anti money laundering laws.

Ms. Ayla Majid, financial consultant, while speaking on the topic, was of the view that a big threat the economy faces is in terms of not getting legitimate money documented and this has an impact on the fiscal and monitoring policy, and economy on the whole suffers.

Malik Azmat Khan, MNA and Chairman, National Assembly Standing Committee on Economic Affairs and Statistics, thanked PILDAT for holding a conference on such a pressing issue. He stressed the need of capacity building inside and outside the Parliament.

Earlier presenting his welcome remarks, Mr. Ahmed Bilal Mehboob, Executive Director PILDAT, said that money laundering itself is a crime and it does not have to be related to terrorism to be a crime though the nexus between the two makes it a volatile combination. Being a major victim of terrorist activities, and located in the neighbourhood of Afghanistan which is one of the greatest producers of narcotics, Pakistan needs to be vigilant about the twin menace of Money Laundering and Terrorist Financing. As the technology develops further and global conditions change, new steps may need to be taken, including updating of the relevant laws, to keep pace with the international community and to meet the new challenges. Pakistan�s Parliament, civil society and media should exercise their oversight functions to help the Government in meeting the objectives of Ani-Money Laundering Laws and institutions established to counter terrorist financing.