LEAs register 230 cases under anti money laundering act


The Law Enforcement Agencies (LEAs) in the country have registered 230 cases under Anti Money Laundering (AML) Act to curb sources of funds being used in terrorism.
The number of cases registered under Foreign Exchange Regulation Act (FERA) was 498. The number of cases registered as Suspicious Transaction Reports (STRs) from Financial Monitoring Unit (FMU) was 116.
A data issued by Interior Division while highlighting the details of registration of such cases and steps being taken to curb sources of such funds on Thursday revealed these relevant cases are under investigation in provinces.
The data further revealed that Anti Money Laundering Act 2010 has been enacted, and, AML Rules, 2008 have also been framed. The government has signed to International Convention on Suppression of Financing of Terrorism adopted by General Assembly of the United Nations in its resolution. Moreover, in order to strengthen anti-terrorist regime,specially with a focus to choke terrorists funding sources, amendments in ATA 1997 have been introduced in March 2013 and in June, 2014 respectively. The basic objective was to make the law more effective and harmonized with international best practices.
Rules under ATA 1997 for freezing of assets of terrorist have been framed and are with Law and Justice Division for final vetting. The government has so far proscribed 62 organizations under provision of ATA 1997 while State Bank of Pakistan has issued detailed Regulations to all banks, for strict compliance, regarding anti-money laundering/terrorist financing. These Regulations are regularly updated by SBP.
Prevention of Electronic Crime Act (PECA) 2016 has been promulgated which makes collection of funds for terrorist organizations through any information system or electronic devices in offence.
Similarly, Financial Monitoring Unit (FMU) has also been set up which is now fully functional. FMU is regularly sending Suspicious Transactions Reports (STR) and Currency Transaction Reports (CTR) about suspects to various agencies like Federal Investigation Agency (FIA), Anti-Narcotics Force (ANF), National Accountability Bureau (NAB), Federal Bureau of Revenue (FBR), (Directorate General of Intelligence and Investigation) to investigate and take action according to law.—APP

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