Data centre inaugurated to control money-laundering

Facility also meant to counter terror financing

Our Correspondent February 11, 2017

KARACHI: Tracking down money laundering and terrorism financing will now be easier thanks to a new high-tech data centre inaugurated by State Bank of Pakistan Governor, the British High Commissioner and the Representative of the United Nations Office on Drugs and Crime (UNODC) at the financial monitoring unit (FMU) in Karachi on Friday.

This new, state-of-the-art, integrated data centre for anti-money laundering and countering terrorism financing was established with the financial assistance of the UK Department for International Development (DFID) and support of UNODC.

The centre is going to host a specialist analytical suite of software (goAML) developed by UNODC. It will enable the FMU to automate collection and analysis of suspicious financial transactions being received from banks, exchange companies and other reporting entities in Pakistan.

Pakistan's laws facilitate money laundering, tax evasion

Moreover, the integrated system will enhance the capability of FMU in disseminating financial intelligence to designated law enforcement agencies in an efficient manner.

Previously, analysis of financial data at the autonomous FMU was undertaken manually which was slow and vulnerable to oversight. Now, the customised software and high precision equipment installed in the new data centre will allow the FMU to analyse suspicious transactions in a more robust, sophisticated and automated manner. On the occasion the SBP Governor showed his confidence in the new data centre and said it will strengthen its ability to generate better financial intelligence.

Published in The Express Tribune, February 11th, 2017.

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