Money Laundering and Implications for Counter-Terrorism Efforts

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Publication No: PD-191

Rs 1,500  

Money Laundering & Implications for Counter-terrorism Efforts, a background paper, has been specially prepared by PILDAT in order to promote an informed discussion over the need for an effective and strong Anti-Money Laundering Legislation. This paper addresses some basic questions: the meaning of the term money laundering; its different stages; regional imperatives for Pakistan being surrounded by the Golden crescent and the Golden Triangle; and the adverse effects of hosting money launderers and terrorist financiers to the economy and national security, along with a fleet of other problems. The purpose of this document is to sensitise the mentioned stakeholders, of the damages incurred by sustaining an economy that is permissive of money laundering, as opposed to the benefits of having an efficient anti-money laundering legislation that is not only beneficial for the country but also fulfils our global obligation of collectively stifling money launderers’ networks to curtail illegitimate leakages in the global economy and subsequently, hold back transnational economic mafias from booming. To understand this mutualism, it is imperative to acknowledge the three rudimentary stages of money laundering and how money launderers knit a transnational cobweb to blur the link between criminally earned money and the crime itself, in order to give it an appearance of having been earned through a different, legitimate source altogether. This paper has been produced as an attempt to facilitate the stakeholders in founding a well discussed and thoughtfully structured AML Legislation for Pakistan by acknowledging the consequences of not complying with international standards and our obligations under the FATF; and by ascertaining our role in tackling terrorist financing.

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