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Overview of money laundering laws after 2020 amendments in Pakistan

Author

Listed:
  • Muhammad Fahad Anwar
  • Qamar Uz Zaman
  • Rana Umair Ashraf
  • Syed Iftikhar Ul Hassan
  • Khurram Abbas

Abstract

Purpose - This paper aims to provide a review of Anti-Money-Laundering (AML) after the latest amendments, i.e. Anti-Money Laundering Act of 2020 in Pakistan. Design/methodology/approach - This paper performs a detailed review of AML and related laws and amendments to record notable changes and improvements in the recent amendments and drew a comparison among these legal amendments. Findings - This paper finds that recent amendments are essential and judiciously crafted to cover the legal clinches, ensuring effective implementation of AML laws and positive expected outcomes for Pakistan. Originality/value - This paper is unique in the context of the ongoing struggle against money laundering (ML) in Pakistan; covering the legal progress of Pakistan regarding ML, corruption and terrorism financing.

Suggested Citation

  • Muhammad Fahad Anwar & Qamar Uz Zaman & Rana Umair Ashraf & Syed Iftikhar Ul Hassan & Khurram Abbas, 2021. "Overview of money laundering laws after 2020 amendments in Pakistan," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 25(1), pages 195-205, June.
    • Handle: RePEc:eme:jmlcpp:jmlc-02-2021-0012
    DOI: 10.1108/JMLC-02-2021-0012
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    More about this item

    Keywords

    Anti-money laundering; Law; Corruption; Pakistan; K4; K41; Y10; M48;
    All these keywords.

    JEL classification:

    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • Y10 - Miscellaneous Categories - - Data: Tables and Charts - - - Data: Tables and Charts
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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