Regulatory Alerts2021-06-02
Amendment to Schedule IV of the AML Act
This statutory notification amends Schedule IV of the Anti-Money Laundering Act, 2010, by revising the entry regarding the scope of regulated legal professionals. Specifically, it updates entry (iii) in paragraph 2 to explicitly include the Pakistan Bar Council, Provincial Bar Councils, and Islamabad Bar Council, alongside advocates, law firms, and other independent legal professionals. These entities are now formally brought within the regulatory ambit for anti-money laundering compliance purposes.
The Gazette of Pakistan EXTRAORDINARY PUBLISHED BY AUTHORITY ISLAMABAD, WEDNESDAY, JUNE 2, 2021 PART II Statutory Notifications (S. R. O.) INTERNAL FINANCE WING [ANTI-MONEY LAUNDERING SECTION-I] Islamabad, the 7th May, 2021 S. R. O. 657(I)/2021.—In exercise of the powers conferred by section 42 of the Anti-Money Laundering Act, 2010 (Act VII of 2010), the Federal Government is pleased to direct that the following amendment shall be made in the Schedule-IV to the said Act, namely:— In the aforesaid Schedule, in paragraph 2, for entry (iii) the following shall be substituted, namely:— “(iii) Pakistan Bar Council, Provincial Bar Councils, Islamabad Bar Council, for advocates, law firms and other independent legal professionals.”.