Amendment in FERA 1947 to fight terror financing

Islamabad: The Finance Ministry had proposed to amend the Foreign Exchange Regulations Act (Fera) 1947 by introducing “FER (Amendment) Act 2019.” The proposed amendment has been approved by the Federal cabinet and sent to the parliament for implementation.

The respective act is intended to strengthen the State Bank of Pakistan (SBP) to issue regulations on the flow and monitoring of foreign currency. It will also enhance transparency of financial transactions, fight terror financing and money laundering.

Amendments to the existing Fera 1947, will empower SBP to make further rules for the application on outflow of funds, said Finance Minister Asad Umar.

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