Causes of money laundering in Pakistan:

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The Anti-Money Laundering Act 2010 (the Act) is the main law regulating the prevention of money laundering and combating the financing of terrorism. The law as federal law applies throughout Pakistan.

The Anti-Money Laundering Act 2010:

(The Act) is the main law regulating the prevention of money laundering and combating the financing of terrorism. In addition, said law as federal law applies throughout Pakistan.

According to Act, the Federal Board of Revenue is responsible for ensuring which designated non-financial business and profession (DNFBPs), including real estate agents, precious metals and stone dealers, and FBR supervised accountants, money laundering. Moreover, it complies with And withholds financial assistance from terrorism obligations. And also Financial institutions, lawyers, legal entities, notaries, and non-FBR supervised accountants are under the supervision of other authorized authorities and self-regulatory bodies.

Is crime considered Dirty?

Money Laundering is the practice of making money from crimes such as arms smuggling under the guise of a legitimate business. Because such money obtained from crime is considered dirty. Similarly, the process most often occurs in three key stages: placement, layering, and integration. Each individual stage can become extremely complex due to the criminal activity associated with it.

Dealing with the problem of “Dirty or Forbidden earnings” in our financial system is a top priority of the government. Anti-money laundering (2nd Amendment) Act 2020, bringing it in line with international standards set by the Financial Action Task Force (FATF) and strengthening the Anti-money laundering regime in Pakistan.

What is dirty money?

As such, money derived from certain crimes such as extortion, insider trading, drug trafficking, and illegal gambling is “dirty”. And it also try to clean to appear to have come from legitimate activities. In order to banks and other financial institutions don’t become suspicious.

Basic Offences:

The Company’s expert team can advise you on your existing anti-money laundering systems and can assist you and your Company set up systems using the latest advice according to Under the Act. As well the expert can assure you that you can avoid fines and prosecutions for non-compliance.

As well as the expert team of Ahmed Ali Dewan & Co. often act on behalf of professionals who unexpectedly find themselves involved in investigations. Whether even then they are witnesses or suspects. In addition, the Company offers expert advice on what steps can be taken to minimize the impact of such an investigation.

Is Tax evasion apart?

Deliberate failure to pay Tax, which is an illegal act to allow a person or entity to avoid paying tax liabilities. Moreover, this also includes hiding or falsifying income without evidence of excessive deductions, failure to report cash transactions, etc. In addition, tax evasion is a serious offense punishable by criminal charges and significant sanctions.

Is Fraud apart?

Actually, the Fraud crimes generate money, which needs to become laundered so the criminals can use it without arousing suspicion. Hence we can say where there is a fraud, there is money laundering. Moreover, many organizations have a department, that deals with the prevention of it.

Is Theft a part?:

It is probably the simplest and easiest crime, theft becomes money laundering once it happens. Criminals then try to put the proceeds of crime into the economy without keeping people in mind, and as a result, they are less likely to fall, victim.

Is Bribery a part?

Bribery is a big part of laundering and it is a serious global problem because it has a significant impact on economic growth, political stability, and international crime.  In addition, Bribery can take place when it comes to politically exposed persons, also known as politically exposed persons. PEPs are a big threat when it comes to them because of their status in society. 

What is terrorist financing?

The fight against money laundering and the financing of terrorism is constantly conducted by the IMF. Although it is the manipulation of assets obtained from criminal activities in order to disguise the connection between the funds and their illegal origin. Similarly, terrorist financing raises money to support terrorist activities.

What is compliance?

Money Laundering is taken very seriously in Pakistan. Moreover, the consequences of not reporting suspected activities can become severe for both individuals and companies. If you need advice or representation in connection with any aspect of Pakistan’s money laundering law, please contact us now.

How we can help:

Ahmed Ali Dewan & Co. and its team specialize in advising both individuals and organizations involved in the fight against financial crime. Those who have been caught in major fraud and Money Laundering cases and found to become involved in a false accusation. For example, those involved in money laundering at a “high level” through terrorist activities and international corruption. People who are suspected of further facilitating the process for the same. Payments, whether electronic or cash, are used for corrupt, financial, or physical assets. Whether the parties are intentionally or unintentionally involved, we can help.

The Company also give regularly advises those who might become considered facilitators. In which lawyers, trust and Company agents, investment banks and fund managers, accountants, and real estate agents on the regulatory and criminal implications of anti-money laundering investigations, whether suspects or witnesses.

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