Pakistan to toughen laws to enhance financial transparency

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ISLAMABAD: Pakistan is mulling over a proposal to tighten laws to prevent illegal foreign exchange transactions and enhance the transparency of financial transactions

The Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly to empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively,  a press release said.

The proposed amendment has been approved by the federal cabinet and transmitted to Parliament for enactment.

The amendments would substantially strengthen the SBP’s powers to issue necessary regulations and instructions relating to inland movement of foreign currency and enable it to monitor such movement.

The measure is a part of government of Pakistan’s efforts to enhance the transparency of financial transactions.