Featured Govt to Abolish a Law That Facilitated Money Laundering

[Morpheus]

Govt to Abolish a Law That Facilitated Money Laundering
Posted 12 hours ago by Raza Rizvi

The federal government has decided to abolish a 28-year-old law named ‘Protection of Economic Reforms Act’ (PERA) that facilitates billions of dollars in money laundering and tax evasion every year.

The repeal is part of the proposed Investment Act that aims to attract foreign direct investment in the country and has the backing of the federal cabinet.


Under the same move, the PTI government is also considering to revoke the Foreign Private Investment Act of 1976.

The Board of Investment (BOI) has prepared the initial draft of the bill and circulated it for input from federal and provincial stakeholders. Once endorsed, the bill will be tabled before the federal cabinet for approval and then the ParliamentBesides attracting foreign investment, the bill also aims to the right the wrongs that were done 28 years ago for “creating a liberal environment for savings and investments in Pakistan.”

Former premier Nawaz Sharif had introduced PERA in 1992, which helped industrialists and politicians whiten their black money.

A board of investment member has confirmed the development of media, saying that the move is aimed at bridging the gaps between investment laws and policies. The consolidation of investment regulations will help both the government and potential investors, he said.


The BOI member highlighted the loopholes in PERA 1992 and quoted some of the Sections to fortify his claims.

Sections 5 and 9 of the PERA, 1992 and Section 111(4) of the Income Tax Ordinance, 2001, have guaranteed complete immunity from disclosing the source of assets.

The new investment law encourages foreign investors to inject money into “any and all sectors of the economy,” other than certain areas.

All sectors and activities are open for foreign investment unless specifically prohibited or restricted for reasons of national security and public safety.

The fields of media and manufacturing of consumable alcohol, arms and ammunition, atomic energy, high explosive and currency, and mint sectors will not be entitled to foreign investment.

https://propakistani.pk/2020/08/06/govt-to-abolish-a-law-that-facilitated-money-laundering/
-----------

 

[fitpOsitive]

Good yar. Imran bhai is on good track now. In recent days, govt has taken such steps that are really unprecedented. Long live Imran Khan. Long live Pakistan.

 

[PradoTLC]

Now where are those noonies ?

 

[Yaseen1]

money laundering is more due to attitude of people rather than law,unless attitude is changed people will continue to launder money by exploiting loopholes in laws,main reason is that our rich class consider that the future of their children is more secure in foreign developed countries like u.s,europe and canada and it promotes them to buy properties and establish businesses there

 

[The Accountant]

money laundering is more due to attitude of people rather than law,unless attitude is changed people will continue to launder money by exploiting loopholes in laws,main reason is that our rich class consider that the future of their children is more secure in foreign developed countries like u.s,europe and canada and it promotes them to buy properties and establish businesses there

Yes, but laws provide them legal protection. For example untill this budget, the withholding tax on cash withdrawal by non-fillers was not accessible to FBR hence they cant know how much cash transactions a nonfiller has withdrawan.

Similarly, for money laundering the people used PERA where they send illegal money outside Pakistan through hundi and get that back in Pakistan as foreign currency remittance as source of fund was not required to disclosed as per PERA.

 

[Norwegian]

unless attitude is changed people will continue to launder money by exploiting loopholes in laws

Its job of the govt to close these loopholes to change people's attitude

 

[Thorough Pro]

Confused?
Laws are made to change attitudes. No?

money laundering is more due to attitude of people rather than law,unless attitude is changed people will continue to launder money by exploiting loopholes in laws,main reason is that our rich class consider that the future of their children is more secure in foreign developed countries like u.s,europe and canada and it promotes them to buy properties and establish businesses there

 

[Yaseen1]

patriotism can reduce crimes like money laundering if promoted in true sense

Confused?
Laws are made to change attitudes. No?

 

[Norwegian]

patriotism can reduce crimes like money laundering if promoted in true sense

lol

 

[Old School]

No law will work as long as the current judicial systems remain intact. It is rotten to the core.

 

[Thorough Pro]

How do you promote patriotism in corrupt politicians?

patriotism can reduce crimes like money laundering if promoted in true sense

 

[Yaseen1]

politicians emerge from within public,if we had used our education system and media in proper manner today we would have very good politicians like china ,russia and other nations have who consider national interest above corruption and money laundering

How do you promote patriotism in corrupt politicians?

 

[WebMaster]

I think it got denied today by the opposition. PPP and PML-N.

 

[The Accountant]

politicians emerge from within public,if we had used our education system and media in proper manner today we would have very good politicians like china ,russia and other nations have who consider national interest above corruption and money laundering

This is a false premise. Politicians represents elite and not general public. These are same families where family business is politics, armed forces, bureaucracy and landlord ship.

General public was being discriminated from years and corruption start mostly in reaction to treatment of elite.

If your government institute discrimintae between elites and common people then how can u expect a common person to not retaliate for securing his minimum interest.

In anyways change starts from the top which we have seen in the form of IK and if it keeps on continuing sooner or later we will see good people out of common public starts dominating

 

[Yaseen1]

if you look at history of ishaq dar and nawaz they belonged to poor families before they entered in politics and they were like common people but became elites after coming in power so mind and thinking of common public matters much otherwise elites cannot control them

This is a false premise. Politicians represents elite and not general public. These are same families where family business is politics, armed forces, bureaucracy and landlord ship.

General public was being discriminated from years and corruption start mostly in reaction to treatment of elite.

If your government institute discrimintae between elites and common people then how can u expect a common person to not retaliate for securing his minimum interest.

In anyways change starts from the top which we have seen in the form of IK and if it keeps on continuing sooner or later we will see good people out of common public starts dominating