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Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing

Author

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  • Nasir Sultan
  • Norazida Mohamed

Abstract

Purpose - This study aims to determine the performance of the Pakistani financial intelligence unit in combating money laundering/terrorist financing in local and global contexts. Design/methodology/approach - The study used a qualitative research design. The objective is achieved by critically examining the Anti-money Laundering Act and its relevant clauses concerning the financial monitoring unit and other related legislation. Further, empirical data was collected through semi-structured interviews with chief compliance officers from regulated entities, regulators and premier law enforcer. Findings - The performance of the financial monitoring unit has severe issues concerning the dissemination of financial intelligence due to its time taking behaviour, non-sharing of feedback with reporting agencies, dearth of international cooperation, lack of trained and relevant personnel and financial constraints. Originality/value - To the best of the authors’ knowledge, this is a maiden study concerning financial monitoring unit in Pakistan.

Suggested Citation

  • Nasir Sultan & Norazida Mohamed, 2022. "Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 26(4), pages 862-876, June.
    • Handle: RePEc:eme:jmlcpp:jmlc-04-2022-0060
    DOI: 10.1108/JMLC-04-2022-0060
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    Cited by:

    1. Nasir Sultan & Norazida Mohamed & Mervyn Martin & Hafizah Mohd Latif, 2023. "Virtual currencies and money laundering: existing and prospects for jurisdictions that comprehensively prohibited virtual currencies like Pakistan," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 27(2), pages 395-412, May.
    2. William Gaviyau & Athenia Bongani Sibindi, 2023. "Global Anti-Money Laundering and Combating Terrorism Financing Regulatory Framework: A Critique," JRFM, MDPI, vol. 16(7), pages 1-21, June.

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