Anti Money Laundering Legislations in Pakistan

Share:

Print Friendly, PDF & Email
Publication No: PD-121

Rs 1,500  

Money laundering and its linkage to terrorism financing have become subjects of intense international interest especially after 9/11. Anti money laundering laws have, therefore, assumed a great significance in almost all countries of the world. An Anti-Money Laundering Bill remained pending with the 12th National Assembly of Pakistan (2002-2007) for over a year after which an Anti-Money Laundering Ordinance was promulgated by the President of Pakistan on September 07, 2007. Authored by Mr. Shahid Hamid, Senior Advocate Supreme Court of Pakistan and Former Governor Punjab, this PILDAT Briefing Paper covers key aspects of the Anti Money Laundering Legislation in Pakistan. Some experts argue that the Anti Money-Laundering Ordinance 2007 (AMLO 2007) does not fully meet the international standards and needs amendments. It is understood that the Government of Pakistan is currently considering possible amendments which may soon be introduced in the Parliament in the form of an amendment bill. PILDAT feels it is important for Members of the Parliament, senior government officials and media to understand the significance of Anti Money Laundering Laws for Pakistan, comparison of Pakistani AML laws with similar laws in the region and how money laundering impacts Pakistan. It is also important to understand key features, strengths and weaknesses of the current Anti-Money Laundering Ordinance-2007 and know what can be possible amendments to the law to effectively formulate and implement the state policy as a government official; to objectively and accurately cover and discuss the subject as a media person and to effectively debate the subject as a Parliamentarian when it comes up before the Parliament. PILDAT has, therefore, arranged a series of Briefings on Anti-Money Laundering for each of the three segments of Pakistani society.

Share: