Money laundering

Published November 12, 2018

UNDER the State Bank of Pakistan’s regulations of Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT), banks and DFIs have been asked to implement periodically Customer Due Diligence (CDD) and Know Your Customer (KYC) on all accounts, basically to ensure the bona fide of a customer.

Recently the Supreme Court of Pakistan has taken up money laundering cases and formed a joint investigation team (JIT) of financial experts to ascertain the gravity of the matter.

The JIT probed and produced before the apex court a list of fictitious accounts in which transactions worth billions of rupees had taken place.

The accounts were mostly found to be of poor people who remained ignorant till the agencies picked them up for interrogation.

The Supreme Court must take into account this aspect and ask banks and DFIs to produce before the JIT all those who are responsible for opening these accounts. It should start legal action against forgery and criminal use of CNICs of these seemingly innocent people.

Asif Ali Khan

Karachi

Published in Dawn, November 12th, 2018

Opinion

Editorial

‘Source of terror’
29 Mar, 2024

‘Source of terror’

ALTHOUGH dealing with the presence of terrorist groups in Afghanistan is a major political, security and strategic...
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...