Senate Approves Amendments in Cooperative Societies Act in Islamabad

Islamabad: On 15^th September 2020, the Senate Standing Committee on Interior approved the Cooperative Societies Amendment Bill 2020. The amendments were made into the Cooperative Societies Act 1925.

According to the officials, the amendments aim to incorporate further transparency in the registration process while simultaneously facilitating governing bodies.

The meeting of the Senate Standing Committee on Interior was held in the Parliament House and it was chaired by Senator Abdul Rehman Malik. Meanwhile, approval for the bill was given after due considerations, review, and discussions. 

Furthermore, it was announced that controlling terror financing is the main objective of introducing the amendment in the Cooperative Societies Act 1925. Since the former regulations stopped agencies from proceeding their queries, the new amendments will give them a chance to take legal actions. Not to mention, the new terms offer an audit mechanism and strict measures. This will allow the authorities to control cooperative societies’ affairs strictly. 

Commenting on the situation, Senator Rehman Malik said that getting Pakistan removed from the grey list of the Financial Action Task Force (FATF) is our top priority. He termed it as the ‘national issue’ and said, “We have to enact necessary legislation as per the demand of FATF as being on its grey list is a national issue”. 

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