Monday, October 26, 2020

Pakistan, UK sign MoU to combat money laundering, terror financing

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Pakistan and United Kingdom (UK) on Wednesday signed Memorandum of Understanding (MoU) for moving towards establishing a mutually beneficial relationship between the two countries to combat money laundering and terror financing.

Pakistan is signing agreements with different countries for establishing cooperation in line with implementing FATF conditions.

According to official announcement issued on Wednesday stating that a delegation from Pakistan led by Mansoor H.

Siddiqui, Director General, Financial Monitoring Unit (FMU) visited the Financial Intelligence Unit (FIU) of United Kingdom from May 28 and 29, 2019 and held meetings with Ian Maynot, Head of UK Financial Intelligence Unit.

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The purpose of the visit was to familiarise with the role & functions of UK-FIU, especially use of suspicious activity reports linked with ML/TF, relationships between UK-FIU and UK law enforcement agencies involving International Corruption Unit, Police, HM Revenue and Customs and information exchange with the private sector through Joint Money Laundering Intelligence Taskforce (JMLIT).

The visit concluded with the signing ceremony of MoU between the Financial Monitoring Unit of Pakistan and the Financial Intelligence Unit of United Kingdom.

The objective of signing the MoU is to move forward towards establishing a mutually beneficial relationship between the two institutions and to improve the efficient and effective exchange of financial intelligence to fight against money laundering and terrorism financing.

Our LEAs will now have the opportunity to exchange information and carry out more effective investigations.

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The two days visit aimed at strengthening the relationship between the two institutions.

During the visit, meetings were also held with the Law Enforcement Agencies (LAEs) of United Kingdom and discussions took place on how coordination between the Financial Intelligence Unit and the Law Enforcement Agencies can be enhanced.

Pakistan’s Financial Monitoring Unit has already signed MoUs with Turkey, Sri Lanka, Iran, Turkmenistan and Kazakhstan.

Moreover, MoUs with China, UAE, Qatar and Malawi are also being finalised and expected to be signed soon.

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