AML

Basic obligations imposed on reporting entities include: i. Assessing the money laundering and financing of terrorism risk that it may reasonably expect to face in the course of its business; ii. Establishing, implementing and maintaining an AML/CFT programme (procedures, policies and controls) to detect, manage and mitigate the risk of money laundering and the financing

The United Nations through its Securities Council Resolution 1617 requires all UN Member States to implement FATF’s AML/CFT Recommendations. Pakistan is a member of UN and Asia Pacific Group (FATF Styled Regional Body) and therefore, is required to adopt FATF standards as per membership obligations.