Foreign Exchange Regulation Act to be amended

PM Imran Khan, while chairing a high level meeting, said that money laundering has inflicted serious and irreparable loss to the country’s economy. The meeting decided to introduce amendments in the Foreign Exchange Regulations Act (FERA) of 1947 by enhancing rigorous imprisonment to the offenders. The amendment will provide 10 years rigorous imprisonment and fine with PKR 5Mn. By virtue of the amendment, violation of the act would become cognizable and non-bail able offence. Trial under FERA will be completed within 6 months to 1 year.