Pakistan

Senate panel asks SBP to abolish PEP laws

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The Senate Standing Committee on Finance asked the State Bank of Pakistan (SBP) on Wednesday to abolish all the laws related to the politically exposed persons (PEPs) after several lawmakers complained that they faced difficulties in opening bank accounts

The committee, which met here with its chairman Talha Mehmood in the chair, approved the SBP Amendment Bill 2000, which was introduced in the committee by Senator Mohsin Aziz.
During the meeting, Senator Dinesh Kumar told the committee that the banks were not opening accounts of parliamentarians. He added that only politicians were being targeted. Other lawmakers on the committee also endorsed the issue raised by Kumar.

Senator Kamil Ali Agha said that politicians were being humiliated. SBP officials replied that a focal person had been appointed on the matter. The chair said that this was happening to all parliamentarians and directed the SBP to repeal all PEP laws.

Senator Musadik Malik raised the issue of £190 million UK funds repatriated to the country. The SBP said that the funds went to the National Bank’s account of the registrar of the Supreme Court. Senators belonging to the treasury benches also backed Senator Malik on the issue.

The committee was informed that the SBP was not an enforcer but a regulator. The committee directed the Finance Ministry to form a committee on the matter and to submit its report within three weeks.

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