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MONEY-LAUNDERING

 
 

Govt. Adopts Combined Regulation To Fight Money Laundering, Terror Financing

Financial institutions are required to identify the ultimate beneficial owner, who is a natural person, of all legal persons and legal arrangements before offering their services to them JUN 22, 2018: The government on Wednesday adopted new regulations to fight money laundering and terror financing and to comply with Financial Action Task Force’s (FATF) guidelines, a global financial watchdog that recently placed Pakistan on its gray list for its inability to choke money laundering and terror financing. FATF meeting is being held from June 24 thru 29 in Paris. Pakistan’sRead More


UK ‘Prime Destination’ For Money Laundering From Pakistan: Report

Last year, the then Finance Minister Ishaq Dar had a figure of US$200Bln as a sum that Pakistani citizens have stashed away in the Swiss bank. An estimated 4 to 5 times this figure is speculated to be held as assets by Pakistanis abroad– both lawfully and through inappropriate means including lacuna in laws enacted from time-to-time since early 90s. May 16, 2018 (DESPARDES/PKONWEB) — The National Crime Agency (NCA) of UK has said the country remains a “prime destination” for money laundering from Russia, Nigeria and Pakistan. In itsRead More


The 4.9 Billion-Dollar Gaffe Which Could Have Been Avoided

Talking to Dawn on Tuesday, a spokesman for the SBP said the bank had issued a clarification twice in the past — in 2015 and 2016 — rejecting the World Bank report. Soon after the SBP clarification, NAB issued a brief statement and questioned: “If the World Bank report is not correct, why they have not changed the figure of $4.9bn from Pakistan in its report?” By KHURRAM HUSAIN — A BIG round of applause for the honorable chairman of the National Accountability Bureau (NAB) is due. And following theRead More


SC Seeks Report On Foreign Currency Transactions Above $50K

Hopes dashed for ill-gotten assets and wealth recovery from abroad; Supreme Court seeks details within 7 days of all transactions above $50,000 from Pakistan during 2017-18. April 27, 2018 (DESPARDES/PKONWEB) — The Supreme Court has sought details of all transactions above $50,000 from Pakistan during the year 2017-18, and instructed the State Bank of Pakistan on Thursday to submit a sealed report on the matter within seven days. Headed by the Chief Justice of Pakistan Mian Saqib Nisar, a three-judge bench passed the instructions during a suo motu hearing ofRead More