May 4

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. The buying and selling of dollar was recorded at Rs141.30/Rs141.80 as compared with previous day’s closing of Rs141.50/Rs142.00 in cash ready market. Currency dealers said that […]

by Faisal Shahnawaz

Banks may verifying goods for manual import payment

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. According to draft “Framework for Managing Risks of Trade Based Money Laundering, Terrorist Financing and Proliferation Financing” issued by State Bank of Pakistan (SBP) banks shall make […]

by Faisal Shahnawaz

PSX asks brokers to file suspicious transaction report to FMU

KARACHI – The Pakistan Stock Exchange (PSX) has issued a significant directive, compelling stock brokers to file Suspicious Transaction Reports (STR) with the Financial Monitoring Unit (FMU) as part of efforts to combat money laundering and financing terrorism.

by Mrs. Anjum Shahnawaz