Financial Monitoring Unit and AML

Financial Monitoring Unit and AML

The Federal Government shall, by notification in the official Gazette, establish a Financial Monitoring Unit and AML which shall be housed in SBP or at any other place in Pakistan.

(2) The FMU shall have independent decision making authority on day-to-day matters falling within its area of responsibility.

(3) The Federal Government in consultation with SBP shall appoint a Director General who shall be a financial sector specialist to head FMU.

He shall exercise all powers and functions of the FMU subject to the administrative oversight of the General Committee.

(4) The FMU shall have the following powers and the functions, namely:

(a) to receive STRs and CTRs from reporting entities as may be necessary to accomplish the objectives of this Act;

(b) to analyse the STRs and CTRs and in that respect the FMU may call for record and information from any agency or person in

Pakistan related to the transaction in question. All such agencies or persons shall be required to promptly provide the requested record and information;

(c) to disseminate on a confidential basis, after analyzing the STRs, and CTRs and other record, necessary information or material to the concerned investigating or prosecuting agencies for enquiry or other action under this Act or any other applicable law;

(d) to create and maintain a data base of all STRs and CTRs, related information and such other materials as the Director General determines are relevant to the work of the FMU and in that respect, the FMU is authorized to establish necessary analytic software  and  computer  equipment  to  effectively  search  the database, sort and retrieve information and perform real time linkages with databases of other agencies both in and outside Pakistan as may be required from time to time;

(e) to cooperate with financial intelligence units of other countries and to make reciprocal arrangements in order to share, request and receive information relating to money laundering, predicate offences and financing of terrorism and any other information
that may be necessary to accomplish the objectives of this Act;

(f) to   represent   Pakistan   at   all   international   and   regional organizations and groupings of financial intelligence units and other international groups and forums which address the offence of money laundering, financing of terrorism and other related matters;

(g) to request the investigating or prosecuting agencies any feedback regarding the disseminations made under sub-clause (c) in the form of periodic reports or statistics concerning the investigations and prosecutions of money laundering and financing of terrorism
in Pakistan;

(h) to   frame   regulations   in   consultation   with   the   AML/CFT regulatory authorities for ensuring receipt of STRs and CTRs from  reporting  entities  with  the  approval  of  the  National Executive Committee;

(i) to enter into arrangements with domestic agencies, authorities, or any reporting entity or any of its officers as may be necessary for getting facilitation in implementation of the provisions of this Act, or the rules or regulations made hereunder; and

(j) to perform all such functions and exercise all such powers as are necessary for, or ancillary to, for the attainment of the objectives of this Act.

(5) On considering STR or CTR, the FMU may, if deems necessary, convey matters involving regulatory or administrative action to the concerned regulatory or administrative body for appropriate action.

(6) Subject  to  the  regulations  sanctioned  by  the  National  Executive Committee in this behalf, the Director General may, if there appear to be reasonable grounds to believe that a property is involved in money laundering, order freezing of such property, for a maximum period of fifteen days, in any manner that he may deem fit in the circumstances.

Anti Money Laundering Training

Anti Money Laundering Training / Financial Crime training is available in Lahore, Islamabad, Karachi Pakistan as “online live training” or “onsite live training”.

This training on Anti Money Laundering in Lahore will cover different types of anti money laundering schemes and will equip participants in knowing how to analyze them and how to identify leads.

This training on Anti Money Laundering in Lahore, Islamabad, Karachi, Faisalabad is also available as inhouse training option for companies all over Pakistan.

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