Pakistan: SBP has taken some new steps to combat money laundering

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June 15 2017

The State Bank of Pakistan (SBP) has taken some new steps to combat money laundering and terror financing, directing all banks and development finance institutions (DFIs) to take strict measure for minimising risks.  The SBP made a number of amendments on Wednesday in the regulations for anti-money laundering and combating the financing of terrorism (AML/CFT), and asked banks and DFIs for comprehensive assessments to eliminate risks.

The central bank said the National Risk Assessment (NRA) of Pakistan has been undertaken in collaboration with relevant stakeholders, including ministries, law enforcement agencies, regulatory bodies and SBP’s Financial Monitoring Unit (FMU). The objective was to identify and understand the money laundering and terrorist financing risks in the country and follow a risk-based approach to mitigate the risks.