Pak passes bill to regulate cooperative societies against terror financing

The lower house suspended the rules to pass the bill without sending it to the relevant standing committee. The bill will amend the Cooperative Societies Act, 1925

Pakistan’s Parliament has passed a Bill aimed at bringing more control and transparency in the registration and regulations of cooperative societies to check terror financing as part of the country's efforts to escape from being blacklisted by the global money laundering and terrorist financing watchdog.

The Paris-based Financial Action Task Force put Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to avoid being blacklisted.  

The Cooperative Societies (Amendment) Bill, 2020, was moved in the National Assembly on Monday.

The lower house suspended the rules to pass the bill without sending it to the relevant