1st Conference On AML-CFT Held

The first international conference on Anti Money Laundering (AML) and Countering Financing for Terrorism (CFT) was held in Karachi the other day by TNI Consultants and Khan and Ali Associates

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Jan, 2019 ) :The first international conference on Anti Money Laundering (AML) and Countering Financing for Terrorism (CFT) was held in Karachi the other day by TNI Consultants and Khan and Ali Associates. The conference was inaugurated by the Governor, State Bank, Tariq Bajwa, said a statement issued here Monday.

At the outset, a pre-recorded video message to the conference of the Finance Minister, Asad Umar was played. He pointed out that AML-CFT have to be the Primary concerns of the country as these menaces are undermining the real potential and prosperity of Pakistan. He said he was pleased to note that the first international conference on the subject was organized with public-private cooperation and remarked that the government would keenly await the recommendations of the experts which would be given full consideration by the Government.

In his inaugural address to the conference, the Governor SBP said: "It is heartening to note that an International Conference on Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) is being organized at a time when understanding the dual challenges of Asia Pacific Group (APG)'s Mutual Evaluation and FATF's Action Plan are critically important to appreciate efforts made in this direction by Pakistan.

One of the actions under this plan required that Pakistan should increase outreach, on an ongoing basis, where financial institutions promote a clear understanding of their AML and CFT obligations and risks. This conference is a good example of the kind of public private partnership that needs to be encouraged to develop timely and effective solutions to our challenges in the fields of combating money laundering and terrorist financing.

State Bank of Pakistan always supports such initiatives and considers that these efforts will facilitate in the capacity building of the financial sector, broadening the application of regulatory regime and enabling concerned entities for compliance, he said adding as a result, these will help the country effectively achieving its goal of eliminating the menace of money laundering and terrorist financing.

The inaugural session was also addressed by Dr. Ishrat Hussain, Advisor to PM on Institutional Reforms and Austerity, Dr. Shamshad Akhtar, former finance minister and Dr. Waqar Masood Khan, former finance secretary.

Dr. Ishrat shared the leadership perspective eradicating the menace of corruption, money laundering and terrorist financing. He said that skills set, especially the mind set development, is required to enable our country to work together with the international stakeholders to achieve the goals of building a national AML-CFT regime that is fully compliant with FATF framework.

Dr. Shamshad Akhtar remarked that these goals are good for our financial system, stability, economic and people development. She also noted that a great deal of political considerations have crept into the working of the international forums but these should not distract us from pursuing the larger goal of making Pakistan's regime fully compliant with international best practices.

Dr. Waqar underlined the need for creating broader awareness among all stakeholders, especially the non-bank professional bodies such as lawyers, accountants and real estate developers, regarding the obligations imposed on them by the AML-CFT regime. He pointed out that the upcoming biometric verification requirement for bank accounts will soon ensure that fake accounts would be eliminated and use of financial system for money laundering and terrorist financing would become very difficult.

Tom Hansen, the key international expert having worked for World Bank, IMF and UN agencies with numerous jurisdictions to develop their AML-CFT regimes, gave a resume of various building blocks that comprise the AML-CFT regime.

He said that only a highly coordinated and cooperative approach among the key institutions responsible to enforce AML-CFT regime would produce efficient results. It is essential that the information flowing from financial monitoring unit (FMU) through suspicious transaction reports (STRs) is diligently pursued through various stages of inquiry, investigations and prosecution by concerned agencies to deter the abusers from using the financial system.