Pakistan

Pakistan is currently strengthening its anti-money laundering and combating the financing of terrorism system having enacted anti-money laundering laws (AML laws) with respect to some serious offences and having enacted laws to combat the financing of terrorism. It has comprehensive AML laws under consideration. 1

The National Accountability Bureau (NAB), the Anti-Narcotics Force (ANF), the Federal Investigation Agency (FIA), and the Customs authorities oversee Pakistan’s AML laws enforcement efforts.

The major AML laws include:

• The National Accountability Ordinance of 1999
• The Anti-Terrorism Act of 1997.
• The Control of Narcotic Substances Act of 1997
  

"The Pakistani Government has placed an Anti-Money Laundering Bill 2005 before the national assembly that proposes four-year jail sentences for money laundering." 2

"The bill would establish a Financial Intelligence Unit which will be known as the National Financial Intelligence Centre (NFIC) in the State Bank of Pakistan, the country's central bank. The NFIC will operate under the supervision of the Minister of Finance. Once the NFIC is established, Pakistan's financial firms will be required to send suspicious activity reports to it." 3

Information provided by:

Mohammad Asad Rajput of Lawyers & Lawyers, Pakistan, 27 November 2006.

International Narcotics Control Strategy Report, Released by the Bureau for International Narcotics and Law Enforcement Affairs, March 2006

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Sources

1. Helen O'Gorman, “Pakistan's AML law will ratify UN terrorism convention”, 24 November 2006, www.complinet.com.
2. Marcus Simpson, “Terrorist Pakistan proposes four-year jail terms for launderers,” 26 September 2005, www.complinet.com.
3. Emily Brayshaw, “Pakistan prepares to establish its first ever FIU”, 15 April 2004, www.complinet.com.