Financial Monitoring Unit (FMU) convened an Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Awareness Session on January 19, 2023. The Additional Director FMU, Ms. Sumera Baloch opened the session and gave an overview of trends and patterns of STR/CTR reporting, dissemination of financial intelligences and major suspected predicate offences. She emphasized to ensure the quality of STR Reporting as it creates deterrence to Money Laundering, Terrorism Financing and is an effective tool to fight against other serious crimes.
Afterwards the presentation was delivered by FMU-Consultant / Ex-Central Banker, Mr. Muhammad Shahid Ashraf. The presentation covered different angles of the Pakistan’s AML/CFT/CPF Legal and Regulatory Framework. The second presentation was delivered by Mr. Muhammad Shoaib Shahzad, Assistant Director, FMU which emphasized on why STR reporting quality and close coordination of REs/ FMU/ LEAs is important for sustainable AML/CFT regime. A case study explaining laundering of drugs proceeds was delivered by Mr. Irfan Jaffrey, Assistant Director, FMU. Another case study related with Trade Based Money Laundering was delivered by Mr. Alam Zaib Jaffer, Assistant Director, FMU. Mr. Waqas Hamid, Additional Director, FMU shared some observations and suggestions relating to STR Reporting.
Finally worthy Director General, FMU, Ms. Lubna Farooq Malik concluded the session with her closing remarks. DG FMU explained the future expectations and emphasized the sustainability of measures taken to strengthen the AML/CFT regime. Afterward, the session concluded with a Q&A session. The session was moderated by Mr. Jamal Nasir, Assistant Director, FMU.