Anti-money Laundering and Combating the Financing of Terrorism: Pakistan

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Abstract

This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Pakistan is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT assessment Methodology 2004, as updated in February 2008. The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems. This report provides a summary of the AML/CFT measures in place in Pakistan at the time of the mission or shortly thereafter (no later than March 26th, 2009). It describes and analyzes those measures, sets out Pakistan levels of compliance with the FATF 40+9 Recommendations, and provides recommendations on how certain aspects of the system could be strengthened.