World Bank2013-02-052013-02-052009-07-09https://hdl.handle.net/10986/12243This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Pakistan is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT assessment Methodology 2004, as updated in February 2008. The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems. This report provides a summary of the AML/CFT measures in place in Pakistan at the time of the mission or shortly thereafter (no later than March 26th, 2009). It describes and analyzes those measures, sets out Pakistan levels of compliance with the FATF 40+9 Recommendations, and provides recommendations on how certain aspects of the system could be strengthened.en-USCC BY 3.0 IGOABUSEABUSESACCOUNTABILITYANTI-CORRUPTIONANTI-MONEY LAUNDERINGANTICORRUPTIONARBITRAGEASSET HOLDINGSASSET MANAGEMENTAUDITORSAUDITSBALANCE SHEETBANK ACCOUNTSBANK LOANSBANKING INDUSTRYBANKING LAWBANKING PRACTICESBANKING SECTORBANKING SECTOR ASSETSBANKING SERVICESBANKING SYSTEMBENEFICIARIESBRIBERYBROKERBROKERSBUSINESS INVESTMENTCAPITAL MARKETCCCDSCIVIL SANCTIONSCODES OF CONDUCTCOLLECTIVE INVESTMENTCOMMERCIAL BANKSCOMMERCIAL LAWSCOMMERCIAL TRANSACTIONSCOMMODITYCOMMON LAWCONFIDENTIALITYCONSUMER CREDITCONSUMER GOODSCORPORATE BONDSCORRUPTCORRUPT OFFICIALSCORRUPTIONCORRUPTION ACTCORRUPTION OFFENCESCORRUPTION PERCEPTIONCORRUPTION PERCEPTION INDEXCREDIBILITYCRIMECRIMESCRIMINALCRIMINAL ENTERPRISESCRIMINAL LIABILITYCRIMINAL SANCTIONSCRIMINALSCURRENCYDEBIT CARDSDEBTDEBT INSTRUMENTSDEMOCRACYDEPOSITSDERIVATIVESDEVELOPMENT FINANCEDISBURSEMENTDISBURSEMENTSDUE DILIGENCEDUE DILIGENCE REQUIREMENTSEMBEZZLEMENTETHICSEXCHANGE COMMISSIONEXCHANGE CONTROLSEXCHANGE RATEEXPOSUREEXTRADITIONFEDERAL GOVERNMENTFIGHT AGAINST CORRUPTIONFINANCE COMPANIESFINANCESFINANCIAL COMPANIESFINANCIAL CRIMEFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTELLIGENCEFINANCIAL INTELLIGENCE UNITFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SECTOR ASSESSMENTFINANCIAL SYSTEMSFIXED ASSETSFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN FINANCIAL INSTITUTIONSFOREIGN GOVERNMENTSFOREIGN INVESTMENTFORMAL BANKINGFORMAL FINANCIAL SERVICESFRAUDFRAUDULENT PRACTICESFUND MANAGEMENTFUTURESGOOD GOVERNANCEGROSS DOMESTIC PRODUCTGROWTH RATEHARMONIZATIONHOLDINGHOUSING FINANCEIMMOVABLE PROPERTYINCOMEINCOME TAXINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINSURANCE PENETRATIONINTEGRITYINTEREST RATEINTERNAL CONTROLSINTERNATIONAL COOPERATIONINVESTIGATIONINVESTIGATIONSINVESTINGINVESTMENT BANKINGINVESTMENT BANKSISLAMIC BANKINGISLAMIC BANKSISLAMIC FINANCEJUDICIAL SYSTEMJUDICIARYJURISDICTIONSJUSTICELAW ENFORCEMENTLEADERSHIPLEGAL FRAMEWORKLEGAL SYSTEMLEGAL SYSTEMSLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURANCE CONTRACTSLIQUID SECURITIESLOCAL CURRENCYLOCAL GOVERNMENTLOSS OF REVENUEMARKET CAPITALIZATIONMARKET PARTICIPANTSMARKET SHAREMICROFINANCEMICROFINANCE INSTITUTIONSMISAPPROPRIATIONMONEY LAUNDERINGMONEY MARKETMONEY MARKET INSTRUMENTSMORTGAGEMORTGAGE CREDITMUTUAL FUNDMUTUAL FUNDSMUTUAL LEGAL ASSISTANCENATIONAL SAVINGSNEGOTIABLE INSTRUMENTSNONPROFIT ORGANIZATIONOFFENSESOFFICE HOLDEROPERATIONAL INDEPENDENCEOWNERSHIP STRUCTUREPENALTIESPENSIONPENSION FUNDSPOLICEPOLICE OFFICERPOLICE OFFICERSPOLITICAL SYSTEMPORTFOLIOPORTFOLIO MANAGEMENTPOST BANKSPRIVATE BANKSPRIVATE EQUITYPRIVATE SECTOR BANKSPROSECUTIONPROSECUTIONSPROSECUTORSPROVISION OF FUNDSPRUDENTIAL REGULATIONSPUBLIC POLICYPUBLIC SECTOR COMMERCIAL BANKSRE-INSURANCEREAL ESTATEREAL ESTATE INVESTMENTREGULATORREGULATORSREGULATORY FRAMEWORKREGULATORY OVERSIGHTREGULATORY REQUIREMENTSREMITTANCEREMITTANCE SERVICESREMITTANCESREMOTE AREASROBBERYSANCTIONSANCTIONSSAVINGSSAVINGS BANKSECURITIESSECURITIES EXCHANGESECURITIES ISSUESSECURITIES MARKETSERVICE DELIVERYSTATE BANKSTOCK EXCHANGESTOCK EXCHANGESSUPERVISORY AUTHORITIESSUPERVISORY POWERSSUSTAINABLE DEVELOPMENTTAX LIABILITIESTECHNICAL ASSISTANCETERRORISMTRADINGTRADITIONAL BANKINGTRANSACTIONTRANSFERABLE SECURITIESTRANSPARENCYTREASURYTRIALTRIALSTRUST DEEDTRUSTEESTURNOVERVALUE TRANSFERVENTURE CAPITALVENTURE CAPITAL FUNDSWIRE TRANSFERWorld Bank10.1596/12243