News Desk |
In a report published by the Legal and Legislative Affairs Committee (L&LA) of the Qatari government, the need to further legislate laws to combat the ill of money laundering and terrorism funding was reiterated.
The L&LA committee recommended the Council to take steps pertaining towards the amendment of some of the articles of “Law No. (4) of year 2010 on Combating Money Laundering and Terrorism Financing” to further strengthen the laws.
The Qatari government was quick in distancing itself from the controversial Panama case that lead to the disqualification of Pakistan’s former PM, Nawaz Sharif in 2018.
By the end of the debate the council approved the amended version of the draft law and was further sent to the government for recommendations.
Ever since the economic blockade Qatar, imposed by its Gulf neighbours Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in 2017 for alleged support to Muslim Brotherhood and Iran, is focusing on bringing more transparency in its money laundering and terrorism financing policies.
Read more: FATF lands in Pakistan for evaluation of action against money laundering
Panama Case and Qatari Royal alleged involvement family
In a somewhat similar series of events on 14 November 2016, Pakistan’s former Prime Minister, Mian Muhammad Nawaz Sharif’s lawyer Akram Sheikh, presented a letter written by Hamad bin Jassim bin Jaber Al Thani, the former Prime Minister of Qatar. The private and confidential letter read:
“[My father Jassim] had longstanding business relations with (Sharif’s father) Mian Mohammad Sharif which were coordinated through my eldest brother… Mian Sharif expressed his desire to invest a certain amount of money in the real estate business of Al Thani family in Qatar. I understood at that time, that an aggregate sum of around Dirhams 12 million was contributed by Mian Sharif, originating from the sale of business in Dubai (for four flats: 16, 16A, 17 and 17A Avenfield House, Park Lane, London, registered under the ownership of two offshore companies, while their bearer share certificates were kept in Qatar). These were purchased from the proceeds of the real estate business… I can recall that during his lifetime, Mian Sharif wished that the beneficiary of his investment and returns in the real estate business [should be] his grandson Hussain Nawaz Sharif.”
In a report published by the L&LA, the need to further legislate laws to combat the ill of money laundering and terrorism funding was reiterated.
The former PM’s lawyer presented this letter to the Supreme Court of Pakistan during Nawaz’s trial on charges of money laundering, corruption and false statements made to the court. In February 2017, however, Qatar’s ambassador to Pakistan, Saqr bin Mubarak Al Mansouri in, a statement disclosed that the Qatari government had no links with the Qatari Prince’s letter presented in the SC of Pakistan.
The Qatari government was quick in distancing itself from the controversial Panama case that lead to the disqualification of Pakistan’s former PM, Nawaz Sharif in 2018.
Read more: Panama papers: A long road to Indictment..?
Pakistan committed to end Money Laundering and Terrorism Financing
The landmark Panama Case judgment in 2018 lead to the subsequent fall of the house of cards of the controversial, political and business, Sharif Family. However, the forces of Money Laundering and Terrorism Financing continue to exist within the country. The Financial Action Task Force (FATF) had put Pakistan under its grey list owing to its “structural deficiencies” to curb the ill of money laundering and terrorism financing from its territory.
The former PM’s lawyer presented this letter to the Supreme Court of Pakistan during Nawaz’s trial on charges of money laundering, corruption and false statements made to the court.
Since then, Pakistan has speeded up its efforts to combat the structural deficiencies which led it to the FATF greylist. Under the present government led by Prime Minister Imran Khan, the face of Pakistan Tehreek-i-insaaf, who pledged to end corruption from the country in his election campaign in 2018, has put several terror organizations under a complete ban causing their assets to be frozen.
Read more: Naya Pakistan: Government recovers looted money stashed abroad
The government is taking all measures towards countering the banned outfits and crippling them financially to bar them from functioning. Moreover, Pakistan’s Judicial, accountability and law enforcement agencies are fully committed in bringing the culprits of money laundering behind the bars.
As both Qatar and Pakistan continue to engage to their commitment towards strengthening laws against money laundering and terrorism financing, it is expected that both countries will soon be able to prove themselves as responsible global states.