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Business & Finance

FIA, Sindh, Punjab police join hand to curb money laundering

  • Any crime, including money laundering, extortion or kidnapping for ransom, in which the use of money is proven, will now be investigated by the FIA.
21 Nov 2020

In order to curb money laundering an important Memorandum of Understanding (MoU) was signed between the Federal Investigation Agency (FIA) and Sindh and Punjab Police in the light of suggestions made by the Financial Action Task Force (FATF).

Under the MoU, money laundering cases will now be transferred from the police to the FIA, as per details the transfer and investigation of cases will be transferred to the FIA under the Anti-Money Laundering Act.

The police will investigate the cases themselves while other investigations, including the money trail, will fall under the umbrella of the FIA. The decision has been taken to bring the money laundering cases to a logical conclusion.

Any crime, including money laundering, extortion or kidnapping for ransom, in which the use of money is proven, will now be investigated by the FIA.

Back in October, the FATF decided to maintain Pakistan's status on its 'grey list' of countries with inadequate control over curbing money laundering and terrorism financing. Talking to media via video link, the FATF President Marcus Pleyer said, “The plenary has decided to keep Pakistan in 'grey list' until February 2021 despite the country has successfully complied with 21 out of 27 points of action”

The global watchdog reviewed Pakistan’s progress on the 27-point action plan for addressing anti-money laundering and terror financing.

Meanwhile, under the MoU, there will be liaison between the Directors FIA and Additional IGs, there will also be liaison between the Director General FIA and IG Sindh and Punjab.

Previously, only cases falling under the jurisdiction of the federal government were investigated by the FIA.