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Trusts to come Under CB intelligence

The Government had sought to introduce fresh legislation that, if enacted, would provide for the submission of information of Trusts, upon request, to the Finance Intelligence Unit of the Central Bank, an official said yesterday.

Justice Ministry sources said that the new Bill would be brought as an amendment to the Trusts Ordinance. She said that an Asia Pacific Forum had come to the conclusion that the Trusts Ordinance had lacunas, leaving scope for money laundering and terrorist financing to take place if not addressed.

Therefore, she said the Ministry had come out with the Trusts (Amendment) Bill which has now been gazetted. “It is observed internationally that there are loopholes in the current Ordinance that can be exploited for money laundering and terrorist financing,” she said.

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