Financial intelligence unit of Pakistan: an evaluation of its performance and role in combating money laundering and terrorist financing

• Published in: Journal of Money Laundering Control
• Main Author: Sultan N.; Mohamed N.
• Format: Article
• Language: English
• Published: Emerald Publishing 2023
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85132565734&doi=10.1108%2fJMLC-04-2022-0060&partnerID=40&md5=aae0c43f0547d7186ed2f582fb79a5f0

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. © 2022, Emerald Publishing Limited.