Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing
Journal of Money Laundering Control
ISSN: 1368-5201
Article publication date: 22 June 2022
Issue publication date: 30 May 2023
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.
Keywords
Citation
Sultan, N. and Mohamed, N. (2023), "Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing", Journal of Money Laundering Control, Vol. 26 No. 4, pp. 862-876. https://doi.org/10.1108/JMLC-04-2022-0060
Publisher
:Emerald Publishing Limited
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