What are Pakistan's NEW AML CFT supervisory regime compliance #AMLCFTsupervisoryregimecompliance FBR
Channel: Your Digital Tax Partner
Date: 2023-06-10

Pakistan has implemented a new AML/CFT supervisory regime to combat money laundering and terrorist financing. The regime applies to designated non-financial businesses and professions (DNFBPs), and requires them to implement a number of measures to prevent money laundering and terrorist financing, such as customer due diligence, record-keeping, and suspicious activity reporting.
The new regime is designed to make it more difficult for criminals to launder their proceeds of crime and to finance terrorism. It will also help to protect the Pakistani financial system from abuse.
Businesses that fail to comply with the new AML/CFT requirements could face a number of penalties, including fines, imprisonment, and the loss of their license to operate.
The new AML/CFT supervisory regime is a significant step by the government of Pakistan to combat money laundering and terrorist financing. It is a clear signal that the government is committed to protecting the Pakistani financial system and to preventing criminals from using Pakistan as a safe haven for their illicit activities.

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I also encourage you to visit the Financial Monitoring Unit (FMU) of the State Bank of Pakistan website for more information on the new AML/CFT supervisory regime.

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