The Federal cabinet, in its meeting on July 9, is set to approve amendments to the law to comply with the Financial Action Task Force’s (FATF) demand to expand cooperation with foreign countries in providing information about owners of companies in a bid to stop money laundering and terror financing, The Express Tribune reported on July 7. The Asia-Pacific Group (APG), in its report on Pakistan, had pointed out that there were limited provisions in place for international cooperation by Pakistan in relation to the basic and beneficial ownership information on the basis set out in Rule 37 and Rule 40. Section 42D of the Securities and Exchange Commission of Pakistan (SECP) Act provides “the Commission may, on a reciprocal basis, cooperate with and provide assistance under this Act or any administered legislation to a foreign regulatory authority.”