Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing

Nasir Sultan and Norazida Mohamed

Journal of Money Laundering Control, 2022, vol. 26, issue 4, 862-876

Abstract: Purpose - This study aims to determine the performance of the Pakistani financial intelligence unit in combating money laundering/terrorist financing in local and global contexts. Design/methodology/approach - The study used a qualitative research design. The objective is achieved by critically examining the Anti-money Laundering Act and its relevant clauses concerning the financial monitoring unit and other related legislation. Further, empirical data was collected through semi-structured interviews with chief compliance officers from regulated entities, regulators and premier law enforcer. Findings - The performance of the financial monitoring unit has severe issues concerning the dissemination of financial intelligence due to its time taking behaviour, non-sharing of feedback with reporting agencies, dearth of international cooperation, lack of trained and relevant personnel and financial constraints. Originality/value - To the best of the authors’ knowledge, this is a maiden study concerning financial monitoring unit in Pakistan.

Keywords: Financial intelligence unit; Money laundering/terrorist financing; Suspicious transaction report; Currency transaction report; Law enforcement agencies (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2022-0060

DOI: 10.1108/JMLC-04-2022-0060

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