SBP Governor, Dr. Reza Baqir said on Monday that “We have made significant progress between May and September to meet the Action Plan points established by the Financial Action Task Force in various areas and to elaborate the effectiveness of the Pakistani AML security regime.”
Following the opening of the two-day anti-money laundering / anti-money laundering conference on Monday, Mr. Baqir stated that the authorities’ approach had been substantially revised and a number of steps had been taken to address these issues Make progress.
Mr. Baqir said that the central bank has organized many AML / CFT publicity and awareness programs for its regulated companies and stakeholders. The conference was a useful platform to understand the global challenges in the fight against money laundering and terrorist financing and to identify best practices to mitigate these challenges.
In connection with the implementation of anti-money laundering / terrorist financing rules, the governor urged the financial sector to use risk identification, control, and ongoing financial monitoring technologies efficiently and to improve capacity via regular training of its employees.
He also highlighted the role of SBP for the Management of Risks of Trade-Related Money Laundering and Terrorist Financing, which was set up to encourage authorized traders to effectively manage the trade-related risks of money laundering and terrorist financing.