KARACHI: The State Bank of Pakistan and Federal Investigation Agency signed on Monday a memorandum of understanding to improve coordination in efforts to control money laundering and terror financing.

SBP Governor Yaseen Anwar and FIA Director General Saud Ahmed Mirza signed the MoU.

According to a press release by the SBP, the initiative is aimed at improving collaboration, cooperation, working relationship and mutual assistance towards enhancing important disciplines in monitoring and controlling anti-money laundering regulations in the financial sector.

It said a coordination committee comprising officials from each side nominated by the SBP governor and FIA director general had been established.

The committee will examine and develop ways and means of improving coordination between the two organisations in the context of enforcement of financial sector regulations with special emphasis on anti-money laundering measures and prevention of terror financing.

“Both the institutions feel that the preventive measures for issues related to anti-money laundering should be adequately enforced,” it said.

The committee will also prepare and agree on standard operating procedures to be followed by the FIA while initiating enforcement enquiries regarding violation of anti-money laundering regulations.