Suspicious: Exchange firms to report transactions

KARACHI: The State Bank of Pakistan (SBP) has directed all currency exchange companies to submit suspicious transaction reports and currency transaction reports manually or electronically, required under the Anti-money Laundering and Countering Financing of Terrorism regime, to the Financial Monitoring Unit of the central bank. In a circular issued to exchange companies on Friday, the SBP informed them that the Anti-money Laundering Act 2010 specifically provides for criminal sanctions on failure to file the reports and for providing false information.

Published in The Express Tribune, January 7^th, 2012.