Pakistan enacts AML Ordinance

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

9 September 2007

The President of Pakistan has enacted Anti-money Laundering Ordinance 2007 for AML prevention, suspicious activity reporting, and to counter terrorist financing. This new law could be an important tool in assisting the Pakistani government in its role against global terrorism.

The new law:

Contains twenty-six specific relevant definitions critical to enforcement of the ordinance in the courts.

Provides for 1-10 years of what is described as "rigorous imprisonment," plus a fine of 1m Rupees, and forfeiture of property involved in money laundering.

Organises a "National Executive Committee to Combat Money Laundering," consisting of senior government ministers and advisors, to provide guidance to the government on AML issues.

Creates a "Financial Monitoring Unit," with duties and responsibilities of the typical governmental FIU.

Promulgates a procedure for the preparation and filing of Suspicious Activity Reports and CTRs.

Specifies the policies and procedures for the Attachment of property involved in money laundering.

If any of our readers wishes to read the ordinance in its entirety, kindly e-mail me, and I shall forward a copy of the law forthwith.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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