Overview of money laundering laws after 2020 amendments in Pakistan
| DOI | https://doi.org/10.1108/JMLC-02-2021-0012 |
| Published date | 02 June 2021 |
| Date | 02 June 2021 |
| Pages | 195-205 |
| Author | Muhammad Fahad Anwar,Qamar Uz Zaman,Rana Umair Ashraf,Syed Iftikhar Ul Hassan,Khurram Abbas |
Overview of money laundering
laws after 2020 amendments
in Pakistan
Muhammad Fahad Anwar
Department of Law, University of Sahiwal, Sahiwal, Pakistan
Qamar Uz Zaman
Department of Management Sciences, COMSATS University Islamabad,
Sahiwal Campus, Sahiwal, Pakistan
Rana Umair Ashraf
Faculty of Economic Sciences, University of Warsaw, Warsaw, Poland, and
Syed Iftikhar Ul Hassan and Khurram Abbas
Department of Management Sciences, COMSATS University Islamabad,
Sahiwal Campus, Sahiwal, Pakistan
Abstract
Purpose –This paper aims to provide a review of Anti-Money-Laundering (AML) after the latest
amendments,i.e. Anti-Money Laundering Act of 2020 in Pakistan.
Design/methodology/approach –This paper performs a detailedreview of AML and related laws and
amendments to record notablechanges and improvements in the recent amendments and drew a comparison
among theselegal amendments.
Findings –This paper finds that recentamendments are essential and judiciously crafted to coverthe legal
clinches,ensuring effective implementation of AML lawsand positive expected outcomes for Pakistan.
Originality/value –This paper is unique in the context of the ongoingstruggle against money laundering
(ML) in Pakistan;covering the legal progress of Pakistan regarding ML, corruptionand terrorism financing.
Keywords Anti-money laundering, Law, Corruption, Pakistan
Paper type Research paper
Introduction
In 1998, International Monetary Fund, opened the Pandora box of the international money
laundering (ML) web, exposing that 2% to 5% of the global gross domestic product is
laundered (Camdessus, 1998). In addition to various underground activities, such as drug
trafficking, cybercrime,corruption and other illegitimate sources.It also includes quasi-legal
activities involving hiding revenues by public authorities, generating a shadow economy
(Schneider and Windischbauer, 2008). Therefore, international cooperation is highly
relevant to prevent the illicit movement of money across the borders (Hughes, 1991).
Therefore, in 1989, The Group of Seven (G7) formed the Financial Action Task Force
(FATF) to fight the growing problem. By criminalizing proceeds derived from other
proceeds, the FATF extended the scope of the definition of ML illicit sources,among others,
JEL classification –K4, K41, Y10, M48
Overview of
money
laundering
laws
195
Journalof Money Laundering
Control
Vol.25 No. 1, 2022
pp. 195-205
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-02-2021-0012
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1368-5201.htm
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