Regulatory Alerts2016-02-10
Addition of Predicate Offences-Insider Trading & Market Manipulation
The Federal Government of Pakistan has amended the Anti-Money Laundering Act, 2010, to include specific provisions from the Sales Tax Act, 1990, and the Federal Excise Act, 2005, as predicate offences. Section VIIA is inserted to incorporate offences, penalties, and related matters under entries 11 and 13 of the Sales Tax Act, 1990. Additionally, Section XIV is added to include offences, penalties, fines, and allied matters under section 19(3) of the Federal Excise Act, 2005, within the scope of the anti-money laundering framework.
Annex-IV REGISTERED No. M - 302 L.-7646 The Gazette of Pakistan EXTRAORDINARY PUBLISHED BY AUTHORITY ISLAMABAD, WEDNESDAY, FEBRUARY 10, 2016 PART II Statutory Notifications (S. R. O.) GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE NOTIFICATION Islamabad, the 3rd February, 2016 S. R. O. 104(I)/2016.—In exercise of the powers conferred by section 42 of the Anti-Money Laundering Act, 2010 (VII of 2010), the Federal Government is pleased to direct that the following further amendments shall be made in the Schedule to the said Act, namely:— In the aforesaid Schedule,— (a) after Section-VII, the following section VIIA shall be inserted, namely:— "Section-VIIA The Sales Tax Act, 1990. 33 (entries 11 and 13 of Table) Offences and Penalties."; and 409 [2272(2016)/Ex. Gaz.] Price : Rs. 2.00 410 THE GAZETTE OF PAKISTAN, EXTRA., FEBRUARY 10, 2016 [PART II (b) after Section XIII, the following Section XIV shall be added, namely:— "Section-XIV The Federal Excise Act, 2005 19 (3) Offences, Penalties, fines and allied matters ". [Fin. Div's F. No. 4-2/AML-I/2014-55 Vol-II.] AZMAT HUSSAIN KHAN, Deputy Secretary (AML). PRINTED BY THE MANAGER, PRINTING CORPORATION OF PAKISTAN PRESS, ISLAMABAD. PUBLISHED BY THE DEPUTY CONTROLLER, STATIONERY AND FORMS, UNIVERSITY ROAD, KARACHI.