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, […]

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 […]

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 […]

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 […]