Anti-money laundering: SBP, FIA to deepen cooperation

Both institutions feel that preventive measures should be adequately enforced.


Our Correspondent January 13, 2014
The committee will examine and develop ways and means to improve coordination in the context of enforcement of financial sector regulations. PHOTO: FILE

KARACHI:


The State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) have signed a memorandum of understanding (MoU) to further formalise coordination between the two institutions.


SBP Governor Yaseen Anwar and FIA Director General Saud Ahmed Mirza signed the document at the SBP Karachi office on Monday.


The MoU will help improve and enhance collaboration, cooperation, working relationship and mutual assistance towards enhancing monitoring and controlling anti-money laundering regulations in the financial sector.


A coordination committee has also been established comprising officials from each side nominated by the SBP governor and FIA DG. The committee will examine and develop ways and means to improve coordination in the context of enforcement of financial sector regulations with special emphasis on anti-money laundering and prevention of terrorist financing.


Both institutions feel that preventive measures should be adequately enforced.

Published in The Express Tribune, January 14th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation. 

COMMENTS (1)

Aam Aadmi | 7 years ago | Reply

The Governor State Bank is overstepping his authority. The collaboration should have been between FMU (Financial Monitoring Unit), rather than SBP, with FIA. The Governemnt of Pakistan has promulgated the Anti Money Laundering Act http://www.sbp.org.pk/about/act/Anti-Act-2010.pdf as part of Article-IV Consultations with the IMF in 2009-2010. The Act lays down the responsibilities & authorities of FMU, but who cares!!

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

E-Publications

Most Read