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This is apropos a Business Recorder op-ed “Pakistan: ML/CFT challenges in trade” carried by the newspaper yesterday. The writers, Huzaima Bukhari and Dr Ikramul Haq, have argued, among other things, that “The role of the judiciary is to ensure that executive has competent prosecutors and trained judges so that an effective justice delivery system is ensured for meeting the challenges of ML/CFT.”

The present government, along with State Bank of Pakistan (SBP) in my view, has taken certain steps that are clearly aimed at minimizing, if not preventing, all the risks and threats that stem from money laundering and terrorist financing. That the country has made immense progress in tackling illicit money flows is a fact. Now the country has a number of new laws to deal with the challenges of money laundering and terror financing. Moreover, SBP, too deserves praise for ensuring increased financial regulations. Therefore, importance of judiciary’s role in this regard cannot be overemphasized.

Shaheen Mustafa (Karachi)

Copyright Business Recorder, 2021

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