Overview of money laundering laws after 2020 amendments in Pakistan

Anwar, Muhammad Fahad; Zaman, Qamar Uz; Ashraf, Rana Umair; Hassan, Syed Iftikhar Ul; Abbas, Khurram

doi:10.1108/jmlc-02-2021-0012

Cited by 4 publications

(4 citation statements)

References 3 publications

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“…The process of accountability took a sharp turn when the President promulgated the National Accountability (Amendment) Ordinance, 2021. The Ordinance, as pronounced by the present government was promulgated for effective elimination of corrupt practices (Anwar et al, 2021). However, the campaign has been alleged by the opposition as discriminatory in nature.…”

Section: The National Accountability Ordinance 1999mentioning

confidence: 99%

Supremacy of Parliament Undermined by Irregular Promulgation of Ordinances (A Case Study with Reference to Pakistan)

Ahmad¹,

Hussain²,

Amir³

2022

JLSS

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Pakistan claims to have parliamentary system of government under the Constitution of Pakistan 1973. First constituent assembly introduced a marvelous accumulation of supremacy of Islamic principles within the Constitutional framework based on ideology of liberation movement. The principles of this ideology have been given an overwhelming space in the preamble of Constitution. This claim boosted expectations of the nation to work out a political heritage of faith blended with proceeds of modern popular democratic culture. The governing system of State which had to strictly follow the Constitutional ideals seems to have misplaced its direction. It is in similarity of the colonial system against people struggled for their independence. Several reasons of failure have been alleged but the real cause is having no adherence for principles which the constituent assembly framed for the State Constitution. Resultantly, Constitutions of State (for no reason) were abrogated and held in abeyance twice under the executive decree. Dictatorial regimes promulgated series of irregular Ordinances and Provisional (un)Constitutional Orders. People and institutions needlessly were blamed for failure. State system took refuge in promulgation of Ordinances and autocratic Constitutional orders. Most of the Ordinances were used to implement arbitrary administrative actions and were given the colour of royal decree. Several Ordinances are being enforced regardless of their theoretical characteristics. This is reducing the parliamentary legislation inflicting serious blow to the grooming structure of State. The constitutionality of these Ordinances is still in question in superior courts. This study intends to determine the consequences of such extra-constitutional practices and the dimensions of loss to political system of State. The doctrinal method of research was adopted to conduct the study.

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Section: The National Accountability Ordinance 1999mentioning

confidence: 99%

Supremacy of Parliament Undermined by Irregular Promulgation of Ordinances (A Case Study with Reference to Pakistan)

Ahmad¹,

Hussain²,

Amir³

2022

JLSS

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“…Figures 2 to 5 show a downward trend in accountability inconsistencies from application authentication to the successful prosecution of relevant crimes. Figure 2 shows that the total complaints and average authentication are 64% apart (Anwar et al, 2022).…”

Section: Amendments To Anti-money Laundering Act Of 2020mentioning

confidence: 99%

“…Although a percentage of efficacious prosecutions of ML suits increased significantly, as seen in Figure 5, As a result, the SBP formed an FMU and strengthened banks operating processes to recognize and report suspicious activities. Though, necessary to have systematic debate initiatives with regulatory adjustments to modernize AML legislation and satisfy FATF requirements are still happening (Anwar et al, 2022). Figure 6 shows the CPI percentage of Pakistan.…”

Section: Difference In %mentioning

confidence: 99%

“…The change to Section 4 increased the associated penalties, such as one year of harsh imprisonment, which may be prolonged to ten years, fine of twenty-five million rupees and confiscation of property of comparable value. Section 4 of the AMLA provides fines of up to one hundred million rupees and imprisonment for legal people, including officers, directors, and employees of legal firms engaging in or assisting ML activities (Anwar et al, 2022). In addition, Section 4 of the amended Act replaces Section 5 of the AMLA, requiring NEC to be presided by the finance minister or, in the absence of the former, the financial adviser of the prime minister with nine other members.…”

Section: Difference In %mentioning

confidence: 99%

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Money Laundering a Financial Crime: How Pakistan Deals with It?

Ali

Khan

2022

GLSR

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Money laundering (ML) is a worldwide delinquent that needs to be addressed by every state. Its purpose is to hide or promote illicitly. The illegal actions generate financial flows, including diverting resources away from economically productive activities that may influence financial sectors and the external stability of the state. The Financial Action Task Force (FATF) and the other anti-money laundering (AML) programs are one of the strategies to prevent ML, but still, there is a need to know more about the existing laws and regulations to avoid this crime. This research examines the legislative frameworks used to combat ML, how it works, and what modification is required. The qualitative method was used in this study to analyze statutes, local and international protocols. It suggests that the latest amendment creates multiple essential modifications and is carefully prepared to address legal glitches, assuring effective AML legislation and trying to meet international guidelines.

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Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

Khan,

Ullah,

Atiq

2023

QRFM

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Purpose This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies. Design/methodology/approach The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis. Findings The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws. Research limitations/implications This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan. Practical implications The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies. Social implications The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature. Originality/value This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.

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Overview of money laundering laws after 2020 amendments in Pakistan

Cited by 4 publications

References 3 publications

Supremacy of Parliament Undermined by Irregular Promulgation of Ordinances (A Case Study with Reference to Pakistan)

Supremacy of Parliament Undermined by Irregular Promulgation of Ordinances (A Case Study with Reference to Pakistan)

Money Laundering a Financial Crime: How Pakistan Deals with It?

Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

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