ISLAMABAD:The National Assembly on Monday passed the Cooperative Societies (Amendment) Bill, 2020 aimed at bringing more control and transparency in registration/regulations of Cooperative Societies in Islamabad and control terror financing through this channel.
Advisor to the PM on Parliamentary Affairs Dr Babar Awan on behalf of Interior Minister Ijaz Ahmad Shah tabled the bill to further amend the Cooperative Societies Act, 1925 [The Cooperative Societies (Amendment) Bill, 2020 in the House.
The Statement of Objects and Reasons of the bill says that the FATF requires to amend the Cooperative Societies Act, 1925 in order to bring more control and transparency in Registration/Regulations of Cooperative Societies in Islamabad. The prime objective of proposed amendment was to control terror financing through this channel.
The provision relating to Securities & Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB) and other Prosecution Agencies were deficient in the existing version of Cooperative Societies Act, 1925. The same has now been incorporate in order to implement strict control on the affairs of Cooperative Societies. The provisions regarding audit/accounts mechanism of the Cooperative Societies have also been introduced in the proposed amendments.