Anti-money laundering ordinance announced in Pakistan

On September 8, 2007, President General of Pakistan Pervez Musharraf announced Anti-Money Laundering Ordinance 2007 aimed at placing an effective mechanism to prevent money laundering, detect suspicious transactions and combat terrorist financing.

The government of Pakistan has satisfied a demand of the international community for introducing a financial system with legal backing aimed to control money laundering. The proposed anti-money laundering bill has been discussed at National Assembly Standing Committee on Finance and Revenue as well as at different forums.

In accordance with the Ordinance, a Financial Monitoring Unit is to be established in order to monitor suspected transactions and check them for money laundering in Pakistan. Under the provisions of the Ordinance, the act of money laundering is a serious punishable offence.

It is worth noting that the Ordinance specifies the role played by government departments, banks, regulatory bodies as well as investigating agencies for checking movement of illegal funds through the financial systems. Also, the procedure of checking the suspicious accounts transactions through the banking system has been elaborated by it.

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