Dar Reviews AML/CFT Regime In Pakistan

Dar reviews AML/CFT regime in Pakistan

ISLAMABAD, (Pakistan Point News - APP - 02nd Nov, 2016 ) : Finance Minister Senator Ishaq Dar Wednesday chaired a meeting on the AML/CFT (Anti-Money Laundering / Combating Financing of Terrorism) regime and implementation in Pakistan. DG Financial Management Unit (FMU) made a presentation to highlight the reforms made in the recent past in various laws to counter money laundering and terrorist financing. The DG (FMU) briefed that Financial Monitoring Unit (FMU) was fully functional and proactively working in coordination with reporting entities, regulators, and law enforcement agencies as per international standards.

He also shared the developments being made to establish a new integrated Data Centre at FMU which would be capable of handling online reports of Suspicious Transactions and Cash Transactions from reporting entities; analysis of such reports to generate meaningful financial intelligence; and dissemination to law enforcement agencies for investigation. He underscored the need for capacity building of law enforcement agencies to convert financial intelligence reports into successful investigations, prosecutions, convictions and forfeitures.

DG FMU also informed the participants about the developments at the international forums such as FATF and APG with special reference to strengthen the implementation of UN Security Council Resolution 1267 and 1373 on terrorism financing. The finance minister appreciated the work of FMU and advised to further strengthen the AML/CFT regime in Pakistan in consultation with the relevant stakeholders. He advised FMU to arrange capacity building workshops for the stakeholders so as to enable them to make better use of FMU's financial intelligence. The minister also encouraged the participants to approach FMU for assistance in the matter. The meeting was attended by the senior officials from Ministry of Finance, Financial Monitoring Unit, NACTA, Ministry of Interior, and Ministry of Foreign Affairs.