Pakistan Establishes National Database To Stop Money Laundering And Terror Financing – Research Snipers

Pakistan Establishes National Database To Stop Money Laundering And Terror Financing

money laundering

The federal government has set up a National (Single Template) Database for Money Laundering and Terrorism Financing and has been given access to this database by the Counter-Terrorism Department (CTD) and other related agencies.

A senior finance ministry official told on Saturday that FATF’s restriction was in progress. Corona has eased the timelines, but reports will be submitted to FATF before June.

According to sources, online responses to questions are being sent to FATF. According to sources, this national single-template database is created in collaboration with NADRA and NCTA, which also includes data from provincial departments. The database has also been prepared for the registration of Afghan refugees.

Sources say that amendments to the laws are being taken to prevent financing of money laundering and terrorism financing and to increase fines and penalties for the elements involved. These amendments have already been approved by the standing committees. Sources said that the National Savings Schemes have also been introduced to prevent money laundering and terrorism financing through national savings schemes. The decision has been taken to increase the powers of investigation of the National Accountability Bureau and other law enforcement agencies.

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