FATF gives Pakistan four months to comply with action plan

ISLAMABAD: Financial Action Task Force (FATF) on Friday set a deadline of four months for Pakistan to improve action plan against laundering and terror financing. Read more »

Open account, advance payments considered as higher risk transactions for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has advised financial institutions dealing foreign exchange to enhance due diligence on higher risk transactions to stop trade based money laundering. Read more »

SBP issues framework for controlling trade based money laundering, terror financing

KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued framework for controlling trade based money laundering and terror financing. Read more »

Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

KARACHI: The government has taken harsh stance on money laundering through foreign trade and proposed 10 years imprisonment for persons involved besides confiscating consignments. Read more »

Pakistan Customs launches swift consignment clearance system to improve ease of doing business

KARACHI: Pakistan Customs on Monday launched the swift consignment clearance software for improving ease of doing business and trading across the border indices of the country. Read more »

FBR sets up directorate to initiate legal action in suspicious transactions, stop currency smuggling

ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate of Cross Border Currency Movement (CBCM) to stop individual and trade based money laundering and initiate legal action in suspicious transactions. Read more »

Rupee gains 20 paisas in open market on monitoring to prevent money laundering

KARACHI: The Pak Rupee gained 20 paisas against dollar on Saturday amid improved inflows in the open market and tight monitoring of law enforcement agency to prevent money laundering. Read more »

Banks may be asked verifying goods valuation to check trade based money laundering

KARACHI: Banks shall be required to verify valuation of goods before approving electronic or manual import payment in order to prevent incidents of money laundering and terror financing. Read more »

PSX asks brokers to file suspicious transaction report to FMU

KARACHI: Stock brokers have been directed to file suspicious transaction report (STR) with Financial Monitoring Unit (FMU) under regulations related to anti money laundering and countering financing terrorism. Read more »