Money Laundering A Global Threat and Pakistan’s Recent Initiatives

Amjad Naseer

Abstract
Money laundering is a global challenge of the present era which has roots deep into the major industrial economies of the world. United Nations, through Vienna Convention, Palermo Convention and Marida Convention, has asked the signatories to counter money laundering.
The major industrial economies of G7 have joined hands against money laundering and have
established Financial Action Task Force (FATF). FATF has given forty (40) recommendations to counter money laundering. Asia / Pacific Group (APG), a regional body on money laundering, was formed by forty (40) member states in 1997. Pakistan is also member of APG. In order to counter the money laundering, Pakistan has enacted Anti Money Laundering Act 2010 and has established Financial Monitoring Unit to receive, analyze and disseminate suspicious transactions to the investigation agencies. This article describes the legal situation of money laundering in Pakistan.

Keywords: Money Laundering, Proceed of Crime, Financial Act Task Force (FATF), Asia / Pacific Group (APG), Egmont Group, Vienna Convention, Palermo Convention, Marida
Convention, Anti Money Laundering Act.